LIC-led insurers posted 22% rise in new premium in Sept.
The Hindu
Firm posts first first-year premium increase in 5 months
Life insurers reported a 22.2% increase in first-year premium (FYP) to ₹31,001.17 crore in September, helped by market leader and IPO-bound LIC returning to growth after four months.
While LIC posted a year-on-year increase in FYP for the second time this fiscal after a robust opening in April, for life insurers collectively it was the first two consecutive months of growth this year, coming on the back of reports of an impending increase in premium.
For the six months ended September, the FYP of life insurers stood at ₹1,31,981.89 crore, a 5.82% increase from the ₹1,24,727.65 crore in the year-earlier period, according to the latest business statement released by IRDAI. An 11.55% increase in FYP last month to ₹18,520.21 crore helped LIC reduce the decline thus far this fiscal to 3.3% at ₹85,112.59 crore.