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Monetary Management and Financial Intermediation 147

12 UK 3,383 978 4,362 3,574 949 4,523
13 Pakistan 8 4 12 6 3 10

14 Russia 43 113 157 41 105 146
15 South Africa 643 160 803 560 124 684

Asia Pacific

16 India # 58 20 78 @ 59 19 78
17 China 230 201 430 241 214 455

18 Japan # 2,691 930 3,621 2,329 951 3,280
19 Indonesia 58 24 82 54 21 75

20 Malaysia # 380 156 536 415 153 568
21 Singapore 3,844 1,028 4,872 4,528 1,110 5,638

22 South Korea # 1,822 1,544 3,366 2,050 1,691 3,741

23 Taiwan 4,129 865 4,993 3,861 938 4,800
24 Thailand 256 134 389 244 139 383

25 Sri Lanka 23 29 51 21 24 45
26 New Zealand 354 1,790 2,144 349 1,678 2,027

27 Australia 827 1,875 2,702 568 1,880 2,448
World 379 439 818 360 449 809

Source: Swiss Re, Sigma Volumes 4/2020 and 4/2021
Note: * Data pertains to the calendar year 2019 & 2020, # Data pertains to financial year 2019-20 & 2020-21, @
Rounding off difference

4.49 During 2020-21, the gross direct premium (within and outside India) of Non-Life insurers
was `2,02,082 crore, as against `1,92,193 crore in 2019-20, registering a growth of 5.2 per
cent. Motor and health segments contributed a significant portion of the growth. Life insurance
industry recorded a premium income of `6,28,731 crore during 2020-21, as against `5,72,910
crore in the previous financial year, registering a growth of 9.74 per cent. While renewal premium
accounted for 55.7 per cent of the total premium received by the life insurers, new business
contributed the remaining 44.3 per cent.

PENSION SECTOR

4.50 The total number of subscribers under New Pension Scheme (NPS) and Atal Pension
Yojana (APY) increased from 374.32 lakh as on September 2020 to 463 lakh as on September
2021, recording a growth of 23.7 per cent over the year. The overall contribution under NPS
grew by more than 29 per cent during the period September 2020 - September 2021. Maximum
growth in contribution was registered under All Citizen model (51.29 per cent) followed by
Corporate Sector (42.13 per cent), APY (38.78 per cent), State Government Sector (28.9 per
cent), and Central Government Sector (22.04 per cent). The Assets under Management (AUM)