Life insurers’ new biz premium grows 43% in May
“New business premiums for life insurance companies grew 43.43% to Rs 18,414.02 crore in May, with state-run Life Insurance Corporation of India (LIC) growing at a faster pace than private insurers, showed data from the Insurance Regulatory and Development Authority of India (Irdai). Market participants attribute this growth largely to a surge in group business.
The data from Irdai show private players saw new business premiums at Rs 4,917.34 crore in May, against Rs 3,633.36 crore in the year-ago period, a growth of 35.34%. New business premiums of LIC stood at Rs 13,496.68 crore in May, compared with Rs 9,204.88 crore, a surge of 46.63%.”