New business premium of life insurers up 44.25% in July

New business premium of life insurers grew by 44.25 per cent to Rs 82,146.46 crore in July as against 56,949.02 crore last year. Total individual new business booked was Rs 26,646 crore, registering a growth of 18 per cent, as against Rs 22,581 crore last year.

The total group insurance new business booked was Rs 55,500 crore as against Rs 34,368 crore of last year, showing a growth of 61.49 per cent. The country's largest life insurer, LIC's, market share in terms of new business premium stood at 73.17 per cent, followed by HDFC Standard Life (6.56 per cent), SBI Life (5.47 per cent).

In terms of new business policies sold, LIC's market share was 71.86 per cent. It was followed by SBI Life at 6.15 per cent and HDFC Standard Life at 3.99 per cent..