First year premium of life insurers stood at ₹20,434.72 crore in July, or 11% lower compared with the year-earlier period.
Market leader Life Insurance Corporation of India (LIC) weighed heavily on the overall performance with a 20.7% decline in first-year premium to ₹12,030.93 crore, the new business statement of the 24 life insurers released by insurance regulator IRDAI showed.
Private insurers together managed a 7.53% increase in first-year premium to ₹8,403.79 crore despite four of them reporting a decline in the new business.
For the four months ended July, a period marked by the second wave of the pandemic and lockdown restrictions, life insurers’ first-year-premium was 1.16% higher at ₹73,159.98 crore.
However, they are yet to report a year-on-year increase consecutively for two months this fiscal. In April, the first year premium mobilised was 44.76% higher at ₹9,738.79 crore while for May it declined 5.55% to ₹12,976.99 crore, only to register a 3.95% increase to ₹30,009.48 crore in June.
