Life Insurers’ new enterprise premium revenue rises 39.73% for Q1FY23

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Collective new enterprise premium revenue for all times insurance coverage firms witnessed a 39.73% year-on-year rise to Rs 73,674.53 crore for the primary quarter this fiscal from Rs 52,725.26 crore for a similar interval final fiscal, knowledge from IRDAI confirmed on Thursday.

The brand new enterprise premium or the primary yr premium of 23 non-public sector life insurance coverage firms for first quarter of FY23 grew 48.75% y-o-y at Rs 25,473.53 crore, whereas state-run LIC registered a 35.39% y-o-y progress at Rs 48,201 crore for a similar interval. 

On the finish of the primary quarter this fiscal LIC’s market share stood at 65.42%, down 210 foundation factors y-o-y, whereas market share of the all non-public life insurers was 34.58%, up 210 foundation factors.

LIC’s new enterprise premium revenue for the month of June, 2022 fell 5.29% y-o-y at Rs 20,643.67 crore, whereas non-public sector life insurance coverage firms’ new enterprise premium revenue for the month rose 29.19% y-o-y at Rs 10,610.89 crore. For the life insurance coverage business, new enterprise premium revenue grew 4.15% at Rs 31,254.55 for the month of June this yr.   

Amongst main insurers within the non-public sector, SBI Life’s new enterprise premium for the primary quarter this fiscal grew 67.19% y-o-y at Rs 5590.71, whereas for HDFC Life Insurance coverage it was up by 27.18% y-o-y at Rs 4851.18 crore. ICICI Prudential Life’s new enterprise premium for the quarter rose 24.45% at Rs 3183.99 crore, for Bajaj Allianz Life it was up by a whopping 125.03% at Rs 2916.20 crore and for Max Life it was up by 19.77% at Rs 1483.98 crore. 

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