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CareEdge Research Report
The first-year premium of life insurers jumped to Rs 39,079 crore in July 2022 from Rs 20,435 crore in July 2021, exhibiting a YoY growth rate of 91.2%, which was significantly higher than the rate reported in July 2020, while last July (i.e., July 2021), the segment reported a decline.
The growth can primarily be attributed to group single premiums and more specifically to Life Insurance Corporation of India. The year-to-date first-year premium numbers grew by 54.1% versus 1.2% growth reported in the same period last year.
After the listing of LIC, over 80% of new business premium comes from directly listed entities. The year-to-date growth too can be attributed to an increase in group single premiums, and by a low base, which saw subdued levels due to the pandemic-induced (Covid-19 second wave) lockdowns.
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