Life insurance companies reported for the year ended 31
Market leader and IPO-pegged Life Insurance Corporation of India (LIC) first year premium was ₹1,98,759.85 billion, which was 7.92% up from 1,84,174.57 crore in 2020-21. It was an improved show compared to a 3.48% year-on-year increase in premium registered in FY-21.
LIC was boosted by a 50.57 per cent increase in March first-year premium to £42,319.22bn (£28,105.92bn), according to new life insurers’ business deals released by India’s Regulatory and Development Agency ( IRDAI) was published.
In terms of market share, private providers continued to gain ground. LIC’s market share was 63.25% (68.74%) while the 22 functional private insurers increased their share of the pie to 36.75% (33.82%).
First-year premiums from private life insurers rose 22.74% to £1,15,503.15bn (£94,103.42bn), with just two of them reporting a fall in new business over the year, partly due to the pandemic and more Challenges hampered the reinsurance front for some companies.
During FY22 life insurers saw a 3.51% increase in the number of policies/plans they sold to 2,91,55,178 (2,81,67,513).
