Decline in the life insurance industry's new business premiums in July

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MUMBAI: The life insurance industry has seen a decline in new business premiums in July, following a modest annual increase in new business premiums in June. The decline in government life insurance corporation's (LIC) new business in life insurance companies has had an impact on the industry as a whole.

There are a total of 6 life insurance companies operating in the country, including LIC. Compared to July last year, the number of new business premiums fell by 11 per cent to Rs 20.8.5 crore. LIC's new business has seen a 31 per cent decline, while private insurers' premiums have grown at an annual rate of 7.5 per cent.

According to the latest data, LIC has earned Rs 1,060.8 crore out of a total revenue of Rs 206.5 crore from new business premiums. In June, LIC's figure was Rs 313.5 crore.

On a monthly basis, LIC's new premiums fell by 3% in July.

LIC's business has also been affected by the decline in group premiums in addition to individual, Life Insurance Council sources said.

The last quarter of a financial year usually sees an increase in new business premiums. This increase is due to tax planning.

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