Life insurance coverage firms’ new top rate source of revenue up 91 % in July

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New Delhi, Aug 9 (PTI) Income from premiums on new insurance policies of existence insurers rose by way of 91 in keeping with cent to Rs 39,078.91 crore in July.

The Insurance Regulatory and Development Authority of India (Irdai) has given this knowledge whilst freeing the information for July, 2022.

New top rate source of revenue of existence insurers stood at Rs 20,434.72 crore in July 2021 a yr in the past.

According to IRDA information, Life Insurance Corporation of India (LIC) earned the best possible Rs 29,116.68 crore from new coverage premiums closing month. In the similar month a yr in the past, LIC’s top rate source of revenue from new industry stood at Rs 12,030.93 crore.

LIC has the most important percentage of 68.6 % within the existence insurance coverage marketplace of the rustic.

The new coverage top rate source of revenue of the remainder 23 different existence insurance coverage firms additionally greater by way of about 19 in keeping with cent to Rs 9,962.22 crore throughout this era. It used to be Rs 8,403.79 crore in the similar length a yr in the past.

The mixed top rate source of revenue from new industry of most of these insurers within the first 4 months (April-July) of the present monetary yr stood at Rs 1,12,753.43 crore as towards Rs 73,159.98 crore within the corresponding length of closing yr.

In those 4 months, LIC’s overall top rate source of revenue from new industry greater by way of greater than 62 in keeping with cent to Rs 77,317.69 crore.