New Delhi, Life insurers have registered a growth of 22.9 per cent in new business premium collections in the first quarter of the current financial year.
According to data released by the Life Insurance Council on Monday, new business premium collections increased by 14.80 per cent in June 2024. New business premium income increased from Rs 36,961 crore in June 2023 to Rs 42,433 crore in June 2024.
The data showed that collections in the first quarter of FY25 increased to Rs 89,726 crore from Rs 73,004 crore in April-June 2023.
Driven by strong demand for enhanced insurance protection from individual consumers, new policy issuances grew by 12.13 per cent in June on a year-on-year basis, resulting in 21,000 new policies as compared to 19,43,529 policies in the year. 79,282 policies were included. former period.
According to data released by the council, individual single premiums in the life insurance industry grew by 5.94 per cent on year-on-year basis and closed at Rs 3,823 crore in June, while the growth during the period was 14.87 per cent.
Individual non-single premium came in at Rs 8,310 crore and grew by 19.61 per cent in June, while quarterly collections were 19.92 per cent higher than the same period last year.
According to data released by the Life Insurance Council on Monday, new business premium collections increased by 14.80 per cent in June 2024. New business premium income increased from Rs 36,961 crore in June 2023 to Rs 42,433 crore in June 2024.
The data showed that collections in the first quarter of FY25 increased to Rs 89,726 crore from Rs 73,004 crore in April-June 2023.
Driven by strong demand for enhanced insurance protection from individual consumers, new policy issuances grew by 12.13 per cent in June on a year-on-year basis, resulting in 21,000 new policies as compared to 19,43,529 policies in the year. 79,282 policies were included. former period.
According to data released by the council, individual single premiums in the life insurance industry grew by 5.94 per cent on year-on-year basis and closed at Rs 3,823 crore in June, while the growth during the period was 14.87 per cent.
Individual non-single premium came in at Rs 8,310 crore and grew by 19.61 per cent in June, while quarterly collections were 19.92 per cent higher than the same period last year.
