Life insurance companies accounted for 84 per cent growth in their total business revenue of Rs 17,940 crore in April 2022, first assisted by LIC, IRDAI data shows.
All 24 life insurance companies received Rs 9,739 crore as a new business premium during the same month a year ago.
The largest shareholder, the state’s first-year LIC or new business more than doubled (rising 141 per cent) to Rs 11,716 crore as opposed to Rs 4,856.76 crore in April 2021, the Compensation and Authority Policy India Development Agency (IRDAI) said.
The LIC ordered a larger market share of 65.31 per cent, while the rest of the 23 private sector players had the remaining 34.69 per cent.
The rest of the private sector accounted for over 27 per cent jump in their new business profit of Rs 6,223 crore. Their first-year gross profit was Rs 4,882 crore in April 2021.
In terms of percentage growth, LIC was followed by Star Union Dai-ichi Life (122 per cent) and Tata AIA Life (107 per cent growth).
There were 32 per cent jump in terms of the number of policies / ideas at 13,21,098 in April this year by all 24 players.
Of this, the LIC accounted for a 31.92 percent increase in policy sales at 9,13,141, while the private sector saw 33.87 per cent rise at 3,04,748.