MUMBAI: The insurance sector showcased mixed performance in February as total life insurance premium fell 17% year-on-year while the total premium of general insurers rose 20%. Total life insurance premium in February stood at Rs 22,848 crore against Rs 27,465 crore in the same month a year ago, according to provisional figures released by the Life Insurance Council on Wednesday.
The total premium underwritten by non-life insurers in February came in at Rs 19,876 crore compared to Rs 16,558 crore last year, General Insurance Council of India figures show. In the life insurance segment, insurers sold 22.86 lakh policies in February against 23.21 lakh policies sold in the same month last year.
“The business will gain momentum this month as March is the last month of the financial year. As we have seen in the previous years, the sale of policies surge in March because distribution partners try to sell as many policies as possible to meet their annual target,” said a senior official of a private life insurance company.
Life Insurance Corporation of India’s total premium was down 32% to Rs 11,879 crore in February compared to Rs 17,489 crore last year. The insurer sold around 16 lakh policies in February this year against 20.4 lakh policies in February 2022. The total premium of private life insurers stood at Rs 10,968 crore compared to Rs 9,975 crore in February last year.