Life insurance firms in India posted combination new-business premium earnings of INR1.82tn ($22bn) for the April-to-September period, which was the primary half of the present monetary yr ending 31 March 2023 (1HFY2023). The determine represents a surge of 38% in contrast to the corresponding period in 2021.
The statistics, launched by the Life Insurance Council, additionally present that state-run LIC registered a forty five.91% progress in first-year premiums amounting to INR1.24tn whereas the 23 private-sector life insurance firms noticed their mixed new business premiums develop by 23.29% to INR577.9bn.
Among main private-sector life insurers, the Top Three firms in phrases of first-year premium earnings in 1HFY2023 had been:
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SBI Life: INR130.87bn (27.22% improve)
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HDFC Life: INR110.39bn (5.73% improve)
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ICICI Prudential Life: INR73.59bn (13.91% improve).
General insurance
Data from the General Insurance Council present that non-life insurers’ mixed gross direct premium underwritten grew over 15% to INR1.25tn in the 1HFY2023, in contrast with INR1.1tn in the corresponding six months in 2021.
According to the General Insurance Council’s figures, gross direct premium underwritten by state-run basic insurers amounted to:
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New India Assurance: INR173.73bn (2.88% improve)
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United India Insurance: INR87.85bn (15.19% improve)
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National Insurance: INR68.52bn (0.53% lower)
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Oriental Insurance: INR80.02bn (12.35% improve).
