INSURANCE
Life insurance companies report 25% fall in premium during November
Dec-11-2023

Life insurance companies reported 25.28% fall on a year-on-year basis in premium to Rs 26,494.83 crore during November 2023 as compared to Rs 35,458.80 crore in same month a year ago. Out of which, the private insurers’ premium declined 9.33% Year-on-Year (Y-O-Y) to Rs 10,360.29 crore in November 2023 from Rs 11,426.73 crore. On the other hand, Life insurance corporation of India’s (LIC) premium slipped by 32.86% to Rs 16,134.55 crore from Rs 24,032.07 crore. In the period up to November 2023, premium of life insurance companies declined 12.65% to Rs 21,1690.65 crore from Rs 24,2352.31 crore in same period previous year.

Of the total premium collected by private sector players in the month of November 2023, individual single premium stood at Rs 1,395.10 crore as against Rs 1,720.87 crore in November 2022, i.e. down by 18.93%. Individual Non Single premium fall 0.71% to Rs 5,322.61 crore in November 2023 as compared to Rs 5360.89 crore in November 2022. Group Single Premium reported 16.87% de-growth to Rs 3,085.95 crore as compared to Rs 3,699.02 crore in November 2022 and Group Yearly Renewable Premium declined 14.16% to Rs 552.01 crore in November 2023 as against Rs 643.09 crore in November 2022. However, Group Non Single premium rose to Rs 4.61 crore in November 2023 from Rs 2.87 crore in November 2022. 

Among the private insurance companies, SBI Life Insurance reported 9.84% decline in premiums to Rs 2,381.73 crore. HDFC Life Insurance saw a 20.70% Y-o-Y fall to Rs 2,159.73 crore. However, ICICI Prudential Life Insurance posted a growth of 2.08% YoY to Rs 1,290.95 crore while Max Life Insurance recorded a 7.91% growth to Rs 748.76 crore.

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