While the private sector insurance industry reported a 14.51% increase in premium income during the same period, reaching ₹53,144 crore, riding on the growth in group single premiums, LIC’s overall premium income declined 25% to ₹74,156 crore for the same period.
In August, the life insurance industry’s new business premium decreased by 18.46% to ₹26,789 crore, as per preliminary data from the Life Insurance Council. Private insurers, however, saw their new business premium increase by 14% to ₹12,496 crore against ₹10,974 crore. LIC continued to drag the industry’s growth down in August with a 35% fall in new business compared to August last year.
Among private listed insurers, Max Life Insurance, HDFC Life and SBI Life reported the highest increase on year-on-year growth in premium for August.
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