The private life insurance industry experienced a robust growth in new-business premium of 20% in the financial year ended 31 March 2023 (FY2023) to INR1386bn ($16.9bn), compared to the previous financial year, according to data published by the Life Insurance Council.
New-business growth was faster as a whole for the 23 private-sector life insurers in India in FY2023, allowing the sector to increase its market share by 0.6 percentage point.
State-owned LIC, India’s biggest insurer, saw its new-business premiums increased by 16.7% in FY2023 to INR2,319bn.
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New business premiums (INR m)
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Market share
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Type
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FY2023
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FY2022
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Y-o-Y change
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FY2023
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FY2022
|
|
Private-sector insurers
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1,386,438.5
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1,155,025.7
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20.0%
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37.4%
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36.8%
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LIC
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2,318,991.7
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1,987,598.5
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16.7%
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62.6%
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63.2%
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Total
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3,705,430.2
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3,142,624.2
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17.9%
|
100.0%
|
100.0%
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Source: Life Insurance Council
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