Last year, a total of 24 registered life insurance firms had a collective new business premium of ₹13,739 crore in the same period.
The country's largest insurer LIC reported a 12.4% dip in its new premium or the first year premium income to ₹8,947.64 crore last month, the Irdai said in a statement.
In May 2020, the Life Insurance Corporation had collected ₹10,211.53 crore as the new premium. LIC collected the highest ever new business premium of ₹1.84 lakh crore in the fiscal ended March 31, 2021.
However, the other 23 private-sector insurers, posted a 14.2% rise in their combined new business premium in May 2021 at ₹4,029.35 crore as against ₹3,527.48 crore in the year-ago month.
Cumulatively, the new premium income of life insurance players during April-May rose by nearly 11% to ₹22,715.78 crore from ₹20,466.76 crore in the year-ago period.
Meanwhile, the Centre on Wednesday gave a nine-month extension to LIC Chairman M R Kumar till March next year in view of the insurer's proposed initial public offer.