Private players’ premium totalled ₹10,974.87 crore, according to the new business statement of life insurers for August released by insurance regulator IRDAI.
Private players’ premium totalled ₹10,974.87 crore, according to the new business statement of life insurers for August released by insurance regulator IRDAI.
HYDERABAD
Life insurers reported new business premium rose 18% year on year in August to ₹32,857 crore, a performance marked by a nearly 24% increase in the new business of private insurance companies.
State-owned LIC, with a more than 68% market share, posted a 15.4% increase in the premium to ₹21,882.13 crore. A key driver of the growth for the behemoth was the 20.4% increase in Group Single Premium to ₹16,732 crore even as Individual Single Premium at ₹2,115.81 crore was more than 8% lower.
Private players’ premium totalled ₹10,974.87 crore, according to the new business statement of life insurers for August released by insurance regulator IRDAI. The Group Single Premium for the private insurers rose a little more than 44% to ₹3,555.20 crore, while Individual Single Premium at ₹1,669 crore was an increase of 15% year on year.
As expected, the life insurance industry reported muted growth in August, Emkay Global Financial Services said in a research report. A stronger August base in previous years, higher number of holidays last month, volatility in financial markets, and pressure on household savings amid higher inflation and return of postponed discretionary expenditure were key reasons for the restrained growth, it said.
The stronger base in the previous years was on account of postponed purchases in the months post the COVID-19 wave and lockdown.
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