INSURANCE
Life insurers report 14% growth in new business premiums in September
Oct-14-2024

Life Insurance Council in its latest data (Provisional) has showed that life insurers posted 14.01% year-on-year (Y-o-Y) growth in new business premiums (NBP) in the month of September 2024 at Rs 35020.28 crore as compared to Rs 30716.29 crore in the year-ago period. Out of which, the private insurers’ premium increased by 16.37% Y-o-Y to Rs 14651.02 crore in September 2024 from Rs 12589.97 crore. On the other hand, Life insurance corporation of India’s (LIC) premium jumped 12.37% to Rs 20369.26 crore in September 2024 from Rs 18126.32 crore in September 2023. In the period up to September 2024, premium of life insurance companies was up by 19.47% to Rs 189214.04 crore from Rs 158376.81 crore in same period previous year.

Of the total premium collected by life insurance companies in the month of September 2024, individual single premium stood at Rs 5141.99 crore as against Rs 4548.47 crore in 2023, i.e. up by 13.05%. Individual Non Single premium rose 35.23% to Rs 11500.11 crore in September 2024 as compared to Rs 8504.08 crore in September 2023. Group Single Premium reported 6.06% rise at Rs 17052.25 crore as compared to Rs 16077.93 crore in September 2023, Group Non Single Premium stood at Rs 115.62 crore in September 2024, and Group Yearly Renewable Premium increased to Rs 1210.31 crore in September 2024.

Among the private insurance companies, SBI Life Insurance reported 4.59% Y-o-Y (Year-on-Year) growth in premium to Rs 2991.77 crore in September 2024, HDFC Life Insurance Company’s premium stood at Rs 2670.46 crore in September 2024, up 9.15% over September 2023. ICICI Prudential Life Insurance posted a growth of 20.62% YoY to Rs 1659.90 crore. Max Life Insurance company’s reported 29.01% growth in premiums to Rs 1131.42 and Tata AIA Life Insurance Company logged 74.83% growth in premium to Rs 1211.37 crore in September 2024. However, Bajaj Allianz Life Insurance Company reported 8.26% de-growth in premiums to Rs 1052.42 crore. 

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