UAE Company Set

Collective new business premium income of life insurance companies’ witnessed a 12.93% year-on-year growth to Rs 314,263 crore for the last financial year, from Rs 278,278 crore in the previous fiscal, backed by a rise in group single premium and group yearly renewable premium, data from Irdai showed on Monday. The new business premium, or the first-year premium, of 23 private sector life insurance companies, posted a 22.74% Y-o-Y growth to Rs 115,503.12 crore for 2021-22, while IPO-bound LIC registered a 7.92% Y-o-Y increase to Rs 198,759.85 crore. Notably, for 2020-21, the life insurance sector’s first-year premium grew by 7.49%. Due to the Covid-19 pandemic lockdown and resultant impact, premiums were affected in FY21 and resultant different growth after the same, the base effect may also be possible in monthly FY22 numbers,” a note from CareEdge said.

Though LIC has been the dominant player in managing life, pension, annuity, and group insurance products, it has minuscule exposure to Unit Linked Insurance Plans (ULIPs). According to regulatory body IRDAI’s Annual Report of 2020-21, LIC’s overall investment value (Assets Under Management) is Rs 34 lakh crore, of which ULIPs accounted for less than 1 percent or Rs 24,775 crore (as of March 2021). LIC’s ULIP pie among life insurers was also minuscule, at just 5 percent of the overall AUM of Rs 5.2 lakh crore (as of March 2021). The latest monthly factsheet of LIC’s shows that there are 63 ULIP funds offered to policyholders. Their managed corpus as of December 31, 2021, was Rs. 23,034 crore. About Rs 14,400 crore was invested in equity assets. LIC has disclosed only the top 10 holdings for each ULIP portfolio. Here are the top stocks held by most LIC ULIP plans. Currently, there are 46 equity-related ULIP funds offered by LIC. Data as of December 2021.  The total number of LIC’s U...