News From Press Life insurance sector's new business premium declines 3% in Dec

Life insurance sector's new business premium declines 3% in Dec

Source: Mint Jan 11, 2021

The new business premium of life insurance industry contracted by 3% year-on-year to ₹24,383.42 crore in December.

The new business or the first-year premium of 24 life insurance companies was ₹25,079.89 crore in the same month of 2019.

The country's largest life insurer LIC contributed ₹14,345.70 crore or 58% to the total premium generated during the month, showed data from the Insurance Regulatory and Development Authority of India (Irdai).

LIC's new business premium declined by 15% from ₹16,861.98 crore in December 2019.

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