All the life insurance coverage corporations had collected first year or the new enterprise premium earnings value Rs 28,868.68 crore in the identical month a year in the past.
There are complete 24 life insurance coverage corporations in the nation. Of these, the nation’s largest and the one state-owned insurer Life Insurance Corporation of India (LIC) reported 4.14 per cent fall in new premium earnings in June 2021 at Rs 21,796.28 crore as in opposition to Rs 22,736.84 crore in the year-ago month.
For the remaining 23 private sector life insurers, the new premium in June jumped about 34 per cent to Rs 8,213.20 crore as in opposition to Rs 6,131.84 crore in the year-ago interval.
Cumulatively, the general new premium of all of the life insurers throughout April -June 2021-22 rose 6.87 per cent to Rs 52,725.26 crore as in opposition to Rs 49,335.44 crore in the year-ago interval, as per the information from the Insurance Regulatory and Development Authority of India (Irdai).
LIC’s cumulative first year premium in June quarter fell 2.54 per cent from a year in the past to Rs 35,600.68 crore. For the non-public business, the mixed cumulative new year premium throughout the three months rose by 34 per cent to Rs 17,124.58 crore.
In phrases of sum assured, LIC’s market share stood at 12.55 per cent as of June 30, 2021. Rest of the 87.45 per cent belongs to the 23 gamers in the non-public sector.