Life insurers’ new business declines 29% in July

August 09, 2023 09:37 pm | Updated 09:39 pm IST - HYDERABAD

A more than 47% decline in the first-year premium of market leader Life Insurance Corporation of India to ₹15,386.57 crore, compared to the year-earlier period, dragged life insurers’ performance in July.

Overall, life insurers reported a 28.69% decline in first-year premium at ₹27,867.10 crore. Private life insurance companies clocked a 25.28% increase with a first-year premium of ₹12,480.53 crore, according to the new business statement released by insurance regulator IRDAI on Wednesday.

For the four months ended July, life insurers’ first-year premium was 10.54% lower at ₹1,00,871.97 crore with LIC reporting a 22.11% decline to ₹60,223.77 crore and private players an increase of 14.71% at ₹40,648.20 crore.

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