INSURANCE
Life insurance companies report 18.10% growth in new business premium in August: Irdai
Sep-08-2022

The Insurance regulator -- Insurance Regulatory and Development Authority of India (Irdai) in its latest data has showed that life insurance companies reported 18.10% growth in new business premium or the first-year premium at Rs 32857.00 crore in August 2022 as compared to Rs 27820.74 crore in August 2021. Further, in April-August 2022 period, life insurance companies’ new business premium growth jumped 44.20% to Rs 145610.43 crore over Rs 100980.72 crore in the corresponding period of last year.

As per the data, new business premium of 23 private sector life insurance companies for August 2022 grew 23.87% y-o-y at Rs 10,974.87 crore over Rs 8859.97 crore, while state-run LIC registered a 15.41% y-o-y growth at Rs 21,882.13 crore for the same period over Rs 18960.77 crore.

Among major life insurers in the private sector, new business premium of Aditya Birla Sun Life was more than double at Rs 668.52 in August 2022 as compared to Rs 275.78 crore in August 2021. SBI Life’s new business premium for the month rose 20.69% y-o-y at Rs 2,700.80 crore, while for HDFC Life Insurance, it was up by 16.80% y-o-y at Rs 2,091.33 crore. ICICI Prudential Life’s new business premium for the period rose 11.31% at Rs 1,420.76 crore, for Bajaj Allianz Life it was up by 32.40% at Rs 669 crore and for Max Life it was down by 1.10% y-o-y at Rs 604.04 crore.

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