INSURANCE
Life insurers report 14% growth in new business premiums in July
Aug-12-2024

Life Insurance Council in its latest data (Provisional) has showed that life insurers posted 14.19% year-on-year (Y-o-Y) growth in new business premiums (NBP) in the month of July 2024 at Rs 31822.69 crore as compared to Rs 27867.10 crore in the year-ago period. Out of which, the private insurers’ premium increased by 7.30% Y-o-Y to Rs 13392.07 crore in July 2024 from Rs 12480.53 crore. On the other hand, Life insurance corporation of India’s (LIC) premium jumped 19.78% to Rs 18430.63 crore in July 2024 from Rs 15386.57 crore in July 2023. In the period up to July 2024, premium of life insurance companies was up by 20.50% to Rs 121549.39 crore from Rs 100871.97 crore in same period previous year.

Of the total premium collected by life insurance companies in the month of July 2024, individual single premium stood at Rs 4610.66 crore as against Rs 3693.77 crore in July 2023, i.e. up by 24.82%. Individual Non Single premium rose 18.72% to Rs 9170.53 crore in July 2024 as compared to Rs 7724.76 crore in July 2023. Group Single Premium reported 9.88% rise at Rs 16435.24 crore as compared to Rs 14957.75 crore in July 2023, Group Non Single Premium stood at Rs 684.77 crore in July 2024, and Group Yearly Renewable Premium increased to Rs 921.49 crore in July 2024.

Among the private insurance companies, HDFC Life Insurance Company’s premium stood at Rs 2699.01 crore in July 2024, up 33.77% over July 2023. ICICI Prudential Life Insurance posted a growth of 7.36% YoY to Rs 1760.00 crore. Bajaj Allianz Life Insurance Company reported 60.51% growth in premiums to Rs 1195.91 crore. Tata AIA Life Insurance Company logged 10.68% growth in premium to Rs 710.92 crore in July 2024. Kotak Mahindra Life Insurance Company recorded a 9.60% growth to Rs 608.75 crore. However, SBI Life Insurance reported 26.35% Y-o-Y de-growth in premium to Rs 2995.61 crore in July 2024. 

  RELATED NEWS >>