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Income of insurance companies increased by 42 percent, LIC benefited the most

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Life Insurance Companies: The premium income from new insurance business of life insurers has increased by about 42 per cent to Rs 27,177.26 crore in November this year. The Insurance Regulatory and Development Authority of India (IRDA) on Tuesday said that the first year premium income of all 24 life insurers from new business stood at Rs 19,159.30 crore in November, 2020.

Earnings increased by 32 percent in November
Public sector Life Insurance Company of India (LIC)’s first-year insurance premium income grew over 32 per cent to Rs 15,967.51 crore in November. It was Rs 12,092.66 crore in the same month a year ago.

Income of private sector companies increased by 58.63 percent
Apart from this, the first year premium income of 23 private sector companies combined increased by 58.63 per cent to Rs 11,209.75 crore in November this year. It was Rs 7,066.64 crore in November a year ago.

IRDA released data
According to IRDA data, premium income from new insurance business grew by 8.46 per cent to Rs 1,80,765.40 crore during April-November in the current financial year 2021-22. However, LIC’s first year premium income declined by 0.93 per cent to Rs 1,14,580.89 crore in the first eight months of 2021-22. On the other hand, the first year premium income of private companies grew by 30 per cent to Rs 66,184.52 crore during April-November 2021.

LIC tops
LIC tops in terms of market share with 63.39 per cent. SBI Life holds the highest 8.77 per cent stake in private companies. It is followed by HDFC LIfe 7.86 per cent, ICICI Prudential Life 4.91 per cent, Max Life 2.36 per cent and Bajaj Allianz Life 2.62 per cent respectively.

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