New business premium income of insurance cos up 13% at Rs 3.14 trn in FY22

New business premium income of all the life insurance companies rose by nearly 13 per cent to Rs 3,14,263 crore in fiscal 2022, data from Irdai showed on Monday.

Twenty four life insurance companies had a total premium income of Rs 2,78,277.98 crore from new business in the previous fiscal.

Soon-to-be listed public sector insurance behemoth LIC registered about 8 per cent growth in its new business premium income at Rs 1,98,759.85 crore in 2021-22, against Rs 1,84,174.57 crore in the previous fiscal, as per the data shown by the Insurance Regulatory and Development Authority of India (Irdai).

The rest of the 23 life insurance companies belonging to the private sector had a combined new business premium of Rs 1,15,503.15 crore during the fiscal, up 23 per cent from Rs 94,103.42 crore.

In terms of market share, LIC commanded 63.25 per cent of the market and the rest of 36.75 per cent by the 23 private entities, as per Irdai data.