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Business News/ News / India/  Life insurance firms' new business premium rises 15% at 24,916 crore in Oct
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Life insurance firms' new business premium rises 15% at ₹24,916 crore in Oct

Compared to October 2021, all the 24 life insurers had a collective new business premium income of ₹21,606.25 crore in the same month.

File: LIC has recently introduced a new life insurance plan, Dhan Varsha. (PC-PTI)Premium
File: LIC has recently introduced a new life insurance plan, Dhan Varsha. (PC-PTI)

In October 2022, the new business premium income of India's life insurance companies increased by 15.3 per cent to 24,916.58 crore, said data from the Life Insurance Council on 7 November.

Compared to October 2021, all the 24 life insurers had a collective new business premium income of 21,606.25 crore in the same month.

Details say India's only state-owned and the largest life insurer in the country -- Life Insurance Corporation of India -- recorded 18 per cent rise in its new business premium at 15,920.13 crore during the month, in comparison to 13,500.78 crore a year ago.

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While the rest 23 players in the private sector witnessed their combined new business premium increasing by 11 per cent to 8,996.45 crore, as against 8,105.46 crore in October 2021.

Cumulatively, all the 24 players registered 35 per cent increase in new business premium income during April-October period of 2022-23 at 2,06,893.51 crore as against 1,53,588.14 crore in the same period of 2021-22, as per the data.

With PTI inputs.

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Published: 07 Nov 2022, 11:04 PM IST
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