NEW DELHI: Life insurers register 15 percent rise in new business premium at Rs.24,916 crore in October. According to data from the Life Insurance Council, the new business premium income of India's life insurance companies increased by 15.3 percent to Rs 24,916.58 crore in October 2022. In the same month a year ago, all 24 life insurers earned a combined Rs 21,606.25 crore in new business premium income (October 2021).

The largest and only state-owned life insurer in the nation, Life Insuracne Corporation of India Limited (LIC), saw an 18 percent increase in new business premium during the month compared to the same period last year, coming in at Rs 15,920.13 crore.

The cumulative new business premium for the remaining 23 private sector businesses increased by 11 percent to Rs 8,996.45 crore from Rs 8,105.46 crore in October 2021. 00:14 According to the data, all 24 players experienced a 35 percent growth in new business premium income between April and October of 2022–23, totaling Rs 2,06,893.51 crore as opposed to Rs 1,53,588.14 crore during the same period in 2021–22.

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