Mumbai: The Life insurance industry Recorded a New Business Premium 89,726 crore for the quarter ended June 2024, up 23% over the same quarter last year.
Due to increase in premiums. LICwhich grew by 28% with new business premium of Rs 57,440 crore and accounted for about 64% of the industry’s new business premium.
Among large private companies, the highest growth was recorded by Aditya Birla Sun Life and ICICI Prudential Life Insurance, which grew by 38.7% and 23.5% respectively. HDFC Life A 9 percent increase was recorded. Last fiscal, private life insurers recorded a decline in the first quarter as many sales increased due to a new tax on high-value policies with premiums above Rs 24 lakh from March 2023.

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