Photo credit: Ruby Sharma
New business premium of life insurers rose 14.19 per cent year-on-year (YoY) to Rs 31,823 crore in July, driven primarily by strong business growth of state-run Life Insurance Corporation of India (LIC).
According to the latest data from the Life Insurance Council, LIC’s premiums rose 20 per cent year-on-year to Rs 18,431 crore, while private insurers saw a 7 per cent rise in their premiums to Rs 13,392 crore. Analysts said high base effects limited the growth of private life insurers.
LIC’s premium growth in July was driven by a 22.74 per cent year-on-year rise in its group business to Rs 12,838 crore.
The industry’s single business grew 20.69 per cent, with single individual premiums rising 24.82 per cent to Rs 4,611 crore and non-single premiums increasing to Rs 9,171 crore in July.
Among private sector life insurers, SBI Life Insurance, the largest in the segment, reported a 26.3 per cent decline in first-year premiums to Rs 2,996 crore, while HDFC Life registered a 33.7 per cent growth to Rs 2,699 crore.
Other major players including ICICI Prudential Life, Bajaj Allianz Life Insurance and Max Life Insurance reported premium growth of 7.36 per cent, 60.5 per cent and 27.8 per cent respectively.
During the April-July period, new company premiums (NBP) rose 20.5 per cent to Rs 1.21 trillion. LIC’s premium rose nearly 26 per cent to Rs 75,871 crore, while private insurers registered a 12.3 per cent rise to Rs 45,678 crore.
Life insurers reported an 8.9 percent growth in the number of policies sold during the April-July period compared to last year.
First published: August 12, 2024 | 19:05 IS
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