INSURANCE
Life insurers report 13% growth in new business premiums in October
Nov-11-2024

Life Insurance Council in its latest data (Provisional) has showed that life insurers posted 13.16% year-on-year (Y-o-Y) growth in new business premiums (NBP) in the month of October 2024 at Rs 30347.60 crore as compared to Rs 26819.01 crore in the year-ago period. Out of which, the private insurers’ premium jumped by 18.30% Y-o-Y to Rs 13216.51 crore in October 2024 from Rs 11171.86 crore. On the other hand, Life insurance corporation of India’s (LIC) premium increased 9.48% to Rs 17131.09 crore in October 2024 from Rs 15647.15 crore in October 2023. In the period up to October 2024, premium of life insurance companies was up by 18.56% to Rs 219561.64 crore from Rs 185195.81 crore in same period previous year.

Of the total premium collected by life insurance companies in the month of October 2024, individual single premium stood at Rs 3397.07 crore as against Rs 3127.93 crore in 2023, i.e. up by 8.60%. Individual Non Single premium rose 2.76% to Rs 7453.50 crore in October 2024 as compared to Rs 7252.99 crore in October 2023. Group Single Premium reported 15.81% rise at Rs 18258.37 crore as compared to Rs 15765.88 crore in October 2023, Group Non Single Premium stood at Rs 147.65 crore in October 2024, and Group Yearly Renewable Premium increased to Rs 1091.00 crore in October 2024.

Among the private insurance companies, HDFC Life Insurance Company’s premium stood at Rs 2799.15 crore in October 2024, up 27.93% over October 2023. ICICI Prudential Life Insurance posted a growth of 25.29% Y-o-Y (Year-on-Year) to Rs 1664.81 crore. Bajaj Allianz Life Insurance’s reported 21.47% growth in premiums to Rs 1048.95 crore, Aditya Birla Sun Life Insurance logged 33.55% growth in premium to Rs 940.48 crore in October 2024 and Max Life Insurance company’s reported 15.36% growth in premiums to Rs 840.75 crore in October 2024. However, SBI Life Insurance reported 3.81% Y-o-Y de-growth in premium to Rs 2648.38 crore in October 2024. 

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