Collective new business premium income for life insurance companies witnessed a 39.73% year-on-year rise to Rs 73,674.53 crore for the first quarter this fiscal from Rs 52,725.26 crore for the same period last fiscal, data from IRDAI showed on Thursday.
The new business premium or the first year premium of 23 private sector life insurance companies for first quarter of FY23 grew 48.75% y-o-y at Rs 25,473.53 crore, while state-run LIC registered a 35.39% y-o-y growth at Rs 48,201 crore for the same period.
At the end of the first quarter this fiscal LIC’s market share stood at 65.42%, down 210 basis points y-o-y, while market share of the all private life insurers was 34.58%, up 210 basis points.
LIC’s new business premium income for the month of June, 2022 fell 5.29% y-o-y at Rs 20,643.67 crore, while private sector life insurance companies’ new business premium income for the month rose 29.19% y-o-y at Rs 10,610.89 crore. For the life insurance industry, new business premium income grew 4.15% at Rs 31,254.55 for the month of June this year.
Among major insurers in the private sector, SBI Life’s new business premium for the first quarter this fiscal grew 67.19% y-o-y at Rs 5590.71, while for HDFC Life Insurance it was up by 27.18% y-o-y at Rs 4851.18 crore. ICICI Prudential Life’s new business premium for the quarter rose 24.45% at Rs 3183.99 crore, for Bajaj Allianz Life it was up by a whopping 125.03% at Rs 2916.20 crore and for Max Life it was up by 19.77% at Rs 1483.98 crore.