INSURANCE
New premium income of life insurance companies rises 20.60% in FY20: Irdai
Apr-29-2020

The Insurance Regulatory and Development Authority of India (Irdai) in its data has showed that new premium income of life insurance companies increased 20.60% to a total of Rs 2.59 lakh crore in the financial year ended March. All the 24 life insurance players' new or the first year premium income was Rs 2.14 lakh crore in 2018-19 fiscal.

As per the data, the country's largest life insurer LIC registered a rise of 25% in its new premium collection at Rs 1.78 lakh crore in 2019-20. Overall, LIC has achieved an impressive growth rate of around 25% in first year new business premium as compared to private players who have collectively achieved a premium growth rate of around 11%. The industry's positive growth in policies is also due to LIC's superlative performance.

Private sector life insurance companies witnessed a rise of 11.64% in their new premium income at Rs 80,919.40 crore in the last financial year. In the year-ago period, the amount stood at Rs 72,481.17 crore. The total sum assured by the life insurance industry stood at Rs 48.25 lakh crore as on March 31, 2020, an increase of 11.36% compared to the year-ago period.

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