The new business premium revenue of India’s life insurance firms rose by 15.3 per cent to Rs 24,916.58 crore in October 2022, information from the Life Insurance Council confirmed.
All the 24 life insurers had a collective new business premium revenue of Rs 21,606.25 crore in the identical month a 12 months in the past (October 2021).
LIC — the one state-owned and the most important life insurer in the nation — recorded 18 per cent rise in its new business premium at Rs 15,920.13 crore through the month, as towards Rs 13,500.78 crore a 12 months in the past.
The relaxation 23 gamers in the non-public sector witnessed their mixed new business premium rising by 11 per cent to Rs 8,996.45 crore, as towards Rs 8,105.46 crore in October 2021.
On a cumulative foundation, all of the 24 gamers registered 35 per cent improve in new business premium revenue throughout April-October interval of 2022-23 at Rs 2,06,893.51 crore as towards Rs 1,53,588.14 crore in the identical interval of 2021-22, as per the information.
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