The new business premium income of all the life insurance companies grew 2.65% to ₹21,957 crore in January 2022, data from IRDAI showed. The 24 life insurance companies had collected ₹21,389.70 crore as the first-year or the new-business premium in January.
India’s largest and only state-owned insurer Life Insurance Corporation (LIC) registered a dip of 1.58% in new premium income to ₹12,936.28 crore. The remaining 23 players saw 9.39% growth in their collective new business premium to ₹9,020.75 crore. On a cumulative basis, new premium income for all 24 life insurers during the April-January period of FY22 grew 6.94% to ₹2,27,188.89 crore.
LIC’s cumulative new business income during this period showed a decline of 2.93% to ₹1,38,951.30 crore.
Private players saw a 27.4% jump in collective cumulative new business income in April-January to ₹88,237.60 crore. In market share terms, LIC held 61.2%.
‘No dividend for FY20’
Separately, in a written reply to a question in the Rajya Sabha, Minister of State for Finance Bhagwat Karad said on Tuesday that LIC had not paid any dividend to the Centre in FY21 and used the free reserves to increase its paid-up capital, which has now risen to ₹6,325 crore.
The insurance regulator had instructed insurers to refrain from dividend payouts from profits pertaining to FY20.
