IRDAI: Life insurance companies’ premium jumped by 91 percent, LIC doubled

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New business premium of life insurers has increased by 91 per cent to Rs 39,078 crore in July. Insurance regulator Insurance Regulatory and Development Authority of India (Irdai) said that the new premium of 24 life insurance companies was Rs 20,434 crore in July, 2021. The premium of LIC, the country’s largest life insurance company, has doubled. Its premium income stood at Rs 29,116 crore as against Rs 12,030 crore a year ago. Its market share has been 68.6 percent.

Premium of 23 private companies increased by 19 percent
According to Irdai data, the premium of 23 private sector companies stood at Rs 9,962 crore in July. A year ago it was Rs 8,403 crore. Premiums for all companies increased by 54 per cent to Rs 1,12,753.43 crore during April-July from Rs 73,159.98 crore a year ago. During this period, LIC’s premium increased by 62 per cent to Rs 77,317 crore. While the premium of private companies increased by 39 per cent to Rs 35,435.75 crore.

PSU banks’ profit up 9% in the first quarter to Rs 15,306 crore
The total profit of all the 12 public sector banks in the country in the April-June quarter was Rs 15,306 crore. It was Rs 14,013 crore in the same period a year ago. According to the data, the profits of SBI, Punjab National Bank (PNB) and Bank of India fell by seven to 70 per cent during this period. The fall in their profits was due to mark to market. However, even after the fall in profits, SBI made the highest profit of Rs 6,6068 crore.

SBI alone accounts for 40 per cent of the total profits of banks. The profits of nine banks rose between three and 117 per cent. Bank of Maharashtra increased the maximum profit in this, which was more than double. This profit was Rs 452 crore. A year ago it was Rs 208 crore. During the same period, the profit of Bank of Baroda increased by 79 per cent to Rs 2,168 crore. Banks’ net profit stood at Rs 66,539 crore in 2021-22, more than double the Rs 31,816 crore in the previous year.

Expansion

New business premium of life insurers has increased by 91 per cent to Rs 39,078 crore in July. Insurance regulator Insurance Regulatory and Development Authority of India (Irdai) said that the new premium of 24 life insurance companies was Rs 20,434 crore in July, 2021. The premium of LIC, the country’s largest life insurance company, has doubled. Its premium income stood at Rs 29,116 crore as against Rs 12,030 crore a year ago. Its market share has been 68.6 percent.

Premium of 23 private companies increased by 19 percent

According to Irdai data, the premium of 23 private sector companies stood at Rs 9,962 crore in July. A year ago it was Rs 8,403 crore. Premiums for all companies increased by 54 per cent to Rs 1,12,753.43 crore during April-July from Rs 73,159.98 crore a year ago. During this period, LIC’s premium increased by 62 per cent to Rs 77,317 crore. While the premium of private companies increased by 39 per cent to Rs 35,435.75 crore.

PSU banks’ profit up 9% in the first quarter to Rs 15,306 crore

The total profit of all the 12 public sector banks in the country in the April-June quarter was Rs 15,306 crore. It was Rs 14,013 crore in the same period a year ago. According to the data, the profits of SBI, Punjab National Bank (PNB) and Bank of India fell by seven to 70 per cent during this period. The fall in their profits was due to mark to market. However, even after the fall in profits, SBI made the highest profit of Rs 6,6068 crore.

SBI alone accounts for 40 per cent of the total profits of banks. The profits of nine banks rose between three and 117 per cent. Bank of Maharashtra increased the maximum profit in this, which was more than double. This profit was Rs 452 crore. A year ago it was Rs 208 crore. During the same period, the profit of Bank of Baroda increased by 79 per cent to Rs 2,168 crore. Banks’ net profit stood at Rs 66,539 crore in 2021-22, more than double the Rs 31,816 crore in the previous year.

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