INSURANCE
Life insurers report 9.69% growth in new business premium in December 2022
Jan-10-2023

The Insurance Regulatory and Development Authority of India (Irdai) in its latest data has showed that life insurers reported 9.69% growth in their new business premium (NBP) at Rs 26838.29 crore during December 2022 as compared to Rs 24466.46 crore during December 2021.

Of the total, private sector life insurance companies reported NBP of Rs 14979.79 crore in December as compared to Rs 13032.33 crore in the same month of previous year, a growth of 14.94%. Besides, NBP of LIC of India increased from Rs 11434.13 crore in December 2021 to Rs 11858.50 crore in December 2022, a growth of 3.71%. As per the data, Private insurers posted healthy growth in premium with 19.38% jump in Individual Single Premium, 15.82% growth in Individual Non-Single Premium and 11.49% rise in Group Single Premium. On the other hand, LIC reported moderate growth due to fall in Group Single Premium.

Among large private insurers, Canara HSBC Life up 440.13%, Pramerica Life up 147.14%, Star Union Dai-ichi Life up 61.42%, Tata AIA Life up 39.72%, SBI Life up 29.65%, Kotak Mahindra Life up 22.69%, PNB Met Life up 15.73%, Aviva Life up 15.27%, Aditya Birla Sun Life up 13.40%, ICICI Prudential Life up 5.38%, Edelweiss Tokio Life up 4.57%, Max Life up 1.89%, Aegas Federal Life up 1.70% and Shriram Life up 0.41%. on the other hand, Bharti Axa Life down 0.50%, HDFC Life down 7.42%, Future Generali Life down 8.03%, India First Life down 13.84%, Bajaj Allianz Life down 20.25%, Aegon Life down 26.34%, Reliance Nippon Life down 48.54%.

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