INSURANCE
Life insurers report 22% growth in new business premiums in August
Sep-09-2024

Life Insurance Council in its latest data (Provisional) has showed that life insurers posted 21.86% year-on-year (Y-o-Y) growth in new business premiums (NBP) in the month of August 2024 at Rs 32644.09 crore as compared to Rs 26788.55 crore in the year-ago period. Out of which, the private insurers’ premium increased by 6.71% Y-o-Y to Rs 13334.99 crore in August 2024 from Rs 12496.02 crore. On the other hand, Life insurance corporation of India’s (LIC) premium jumped 35.10% to Rs 19309.10 crore in August 2024 from Rs 14292.53 crore in August 2023. In the period up to August 2024, premium of life insurance companies was up by 20.78% to Rs 154193.76 crore from Rs 127660.52 crore in same period previous year.

Of the total premium collected by life insurance companies in the month of August 2024, individual single premium stood at Rs 4302.58 crore as against Rs 3970.95 crore in August 2023, i.e. up by 8.35%. Individual Non Single premium rose 10.38% to Rs 9160.08 crore in August 2024 as compared to Rs 8298.32 crore in August 2023. Group Single Premium reported 37.00% rise at Rs 17894.61 crore as compared to Rs 13061.75 crore in August 2023, Group Non Single Premium stood at Rs 79.81 crore in August 2024, and Group Yearly Renewable Premium increased to Rs 1207.01 crore in August 2024.

Among the private insurance companies, HDFC Life Insurance Company’s premium stood at Rs 2797.03 crore in August 2024, up 3.63% over August 2023. ICICI Prudential Life Insurance posted a growth of 12.32% YoY to Rs 1509.12 crore. Max Life Insurance company’s reported 16.73% growth in premiums to Rs 956.05 crore Bajaj Allianz Life Insurance Company reported 2.82% growth in premiums to Rs 952.52 crore and Tata AIA Life Insurance Company logged 7.88% growth in premium to Rs 723.14 crore in August 2024. However, SBI Life Insurance reported 13.46% Y-o-Y de-growth in premium to Rs 2703.92 crore in August 2024.

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