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CareEdge Research Report
The first-year premium of life insurers rose to Rs 31,255 crore in June 2022 from Rs 30,009 crore in June 2021, exhibiting a YoY growth rate of 4.1%, which is in line with the growth rate of 4% reported in June 2021.
The growth can be attributed to individual premiums while a decrease in group single premiums marginally offset this growth. The first two months of this fiscal (April and May) had the sector reported significant growth numbers given the low base in the last year (given the Covid second wave related lockdown).
Meanwhile, the Q1 FY23 first-year premium numbers grew by 39.7%. After the listing of LIC, over 80% of the Q1 FY23 new business premium comes from directly listed entities.
The Q1 FY23 growth 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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