The life insurance industry has reported a lacklustre performance in the first six months of the financial year 2023-24 (FY24) with the new business premium falling 12.97 per cent, mainly due to the decline in premium mobilisation by Life Insurance Corporation (LIC) and the changes in the tax structure in high value policies.
Total premium collection (new business) declined to Rs 158,376 crore during the six months as against Rs 181,976 crore in the same period a year ago. LIC’s premium collection fell to Rs 92,642 crore during the period from Rs 124,191 crore. LIC’s group single premium for the six months witnessed the maximum decline at Rs 64,522 crore as against Rs 96,878 crore a year ago.
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Life insurance firms’ new business declines 13% in first half of FY24
