Insurance ALERT! Life insurers report 4 pc rise in new year premium in June at Rs 30,009 cr

The new premium income of life insurance companies rose nearly 4 per cent to Rs 30,009.48 crore in June this year, data from Irdai showed.

All the life insurance companies had collected first year or the new business premium income worth Rs 28,868.68 crore in the same month a year ago.

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There are total 24 life insurance companies in the country. Of these, the country's largest and the only state-owned insurer Life Insurance Corporation of India (LIC) reported 4.14 per cent fall in new premium income in June 2021 at Rs 21,796.28 crore as against 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 against Rs 6,131.84 crore in the year-ago period.

Cumulatively, the overall new premium of all the life insurers during April -June 2021-22 rose 6.87 per cent to Rs 52,725.26 crore as against Rs 49,335.44 crore in the year-ago period, as per the data 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 ago to Rs 35,600.68 crore. For the private industry, the combined cumulative new year premium during the three months rose by 34 per cent to Rs 17,124.58 crore.

In terms 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 players in the private sector.