Mumbai: One of Asia’s life insurance giants, the Life Insurance Corporation of India (LIC), closed December 2021 with about 20 per cent decline in new premium as compared to the premium earned during the corresponding period of 2020.
However, LIC is not alone in this club. There are a couple of major private life insurers like ICICI Prudential Life Insurance and Kotak Mahindra Life, among others, who had posted negative growth during the period under review.
Overall, the life insurance industry grew by just 0.34 per cent last month with new business premium of Rs 24,466.46 crore as compared to Rs 24,383.42 crore earned in December 2020.
According to the Insurance Regulatory and Development Authority of India (IRDAI), LIC had earned a total premium of Rs 11,434.13 crore during December 2021 as against Rs 14,345.70 crore earned in December 2020.
Similarly, last month, ICICI Prudential Life earned new premium of Rs 1,380.93 crore, down by 6.02 per cent from the December 2020 figures.
Kotak Mahindra Life booked new business of Rs 563.94 crore in December 2021, as compared to Rs 569.12 crore earned during December 2020.