5.6 percent drop in first year premium income of life insurers in May

5.6 percent drop in first year premium income of life insurers in May

New Delhi, Jun 09 (PTI) Premium income from new business of life insurance companies declined by 5.6 per cent to Rs 12,976.99 crore in May 2021.

According to the Insurance Regulatory and Development Authority (IRDA) data, the first year premium income from new business of 24 life insurance companies in the country was Rs 13,739 crore in the same month a year ago.

In this, the premium income of the country’s largest and public sector Life Insurance Corporation of India (LIC) fell 12.4 percent to Rs 8,947.64 crore in May 2021. A year ago in May 2020, it was Rs 10,211.53 crore.

According to the data, premium income from new business of the remaining 23 private sector insurers increased by 14.2 percent to Rs 4,029.35 crore in May 2021 from Rs 3,527.48 crore in the same month a year ago.

The premium income from new business of life insurers increased by nearly 11 per cent to Rs 22,715.78 crore during April-May as against Rs 20,466.76 crore in the year-ago period.

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