Life insurers have posted an almost 15% rise in first-year premium in August thus building on the growth momentum of the previous month after a dismal first quarter this fiscal.
Together, they mobilised ₹27,039.8 crore or 14.8% more than the year-earlier period, according to the new business statement of life insurance companies released the Insurance Regulatory and Development Authority of India (IRDAI).
Powering the performance was Life Insurance Corporation of India (LIC) with a 15.19% growth to ₹19,714 crore premium. It was the first month this fiscal when the public sector behemoth had posted a growth in the first year premium. The 23 private life insurers registered a first-year premium of ₹7,325.6 crore or 13.74% more compared with August 2019.
However, the performance of all life insurers during the first five months of this fiscal is yet to recover from the reverses suffered during the lockdown. Up to August, the first year premium stands at ₹99,361 crore, a decline of 6%.
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