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The primary-year premium of life insurers reached Rs 35,459 crore in November 2022 from Rs 27,177 crore in November 2021, exhibiting a YoY progress fee of 30.5%, versus a rise of 41.8% reported in November 2021.
The YoY progress can primarily be attributed to group single premiums and extra particularly to LIC.
In the meantime, the personal gamers have been extending their lead within the particular person non-singe premium phase. Additional, progress in choose smaller personal corporations has outpaced their bigger personal counterparts.
The year-to-date FY23 first-year premium numbers grew by 34.1% versus the 8.5% progress reported in the identical interval final yr. The year-to-date FY23 progress too may be attributed to a rise in group single premiums, and a low base, which noticed subdued ranges because of the pandemic-induced (Covid-19 second wave) lockdowns.
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