Life insurers’ new business premium income rises 13% in FY22 (Directusinvestments)





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.


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