Life insurers witness four per cent decline in new business premium to Rs 23,477.8 crore in May
India's life insurance companies collectively saw a decline of 4.1% in new business premium income for May 2023, compared to the same period in 2022, amounting to INR 23,477.8 crore. While LIC, the largest life insurer in the country, experienced a fall of 11.26% with its new business premium income totaling INR 14,056.29 crore, the other 23 private players saw their combined new business premium rise by 9.05% to INR 9,421.51 crore.
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