India’s life insurance premiums down in April

The industry’s performance was dragged by the state-owned Life Insurance Corporation of India.

Data from India’s Life Insurance Council showed that insurance premiums contracted 30% in April.

This was mainly dragged by the state-owned Life Insurance Corporation of India which severely dropped 50%. Meanwhile, those in the private insurance sector went up 9%.

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In terms of particulars, group single premium had the largest drop of 50%. This was followed by individual single premiums (-12%) and individual non-single premiums (-2%).

Bucking this trend, the group yearly renewable premium skyrocketed by 53%. The group non-single premium also saw a slight increase of 6% in April.