The new business premium income of all the life insurance companies grew 2.65 per cent to Rs 21,957 crore in January 2022, data from Irdai showed.
The 24 life insurance companies had collected Rs 21,389.70 crore as the first year or the new business premium in January 2021. The country's largest and the only state-owned insurer LIC registered a decline of 1.58 per cent in new premium income at Rs 12,936.28 crore in January 2022, as against Rs 13,143.64 crore in the same month a year ago.
The rest 23 private sector players witnessed 9.39 per cent growth in their collective new business premium at Rs 9,020.75 crore from Rs 8,246.06 crore, showed the data from Insurance Regulatory and Development Authority of India (Irdai).
On a cumulative basis, the new premium income of all the 24 life insurers during April-January period of 2021-22 was up 6.94 per cent at Rs 2,27,188.89 crore.
LIC's cumulative new business income during this period showed a decline of 2.93 per cent to Rs 1,38,951.30 crore. On the other hand, the private players witnessed 27.35 per cent jump in their collective cumulative new business income in April-January at Rs 88,237.60 crore, showed the Irdai data. In terms of market share, LIC held 61.16 per cent of the pie.