INSURANCE
Life insurers report marginal fall in new business premiums in November
Dec-10-2024

Life Insurance Council in its latest data (Provisional) has showed that life insurers posted 4.48% year-on-year (Y-o-Y) fall in new business premiums (NBP) in the month of November 2024 at Rs 25306.56 crore as compared to Rs 26494.83 crore in the year-ago period. Out of which, the private insurers’ premium jumped by 30.84% Y-o-Y to Rs 13555.45 crore in November 2024 from Rs 10360.29 crore. On the other hand, Life Insurance Corporation Of India’s (LIC) premium decreased 27.17% to Rs 11751.11 crore in November 2024 from Rs 16134.55 crore in November 2023. In the period up to November 2024, premium of life insurance companies was up by 15.67% to Rs 244868.20 crore from Rs 211690.65 crore in same period previous year.

Of the total premium collected by life insurance companies in the month of November 2024, individual single premium stood at Rs 3669.44 crore as against Rs 3322.48 crore in 2023, i.e. up by 10.44%. Individual Non Single premium rose 6.45% to Rs 8153.00 crore in November 2024 as compared to Rs 7658.32 crore in November 2023, Group Non Single Premium stood at Rs 188.79 crore in November 2024, and Group Yearly Renewable Premium increased to Rs 2488.45 crore in November 2024. However, Group Single Premium reported 26.66% fall at Rs 10806.88 crore in November 2024 as compared to Rs 14735.49 crore in November 2023. 

Among the private insurance companies, ICICI Prudential Life Insurance posted over 2- fold jump Y-o-Y (Year-on-Year) to Rs 3221.56 crore in November 2024, SBI Life Insurance reported 8.12% Y-o-Y growth in premium to Rs 2575.18 crore in November 2024. HDFC Life Insurance Company’s premium stood at Rs 2441.74 crore in November 2024, up 13.06% over November 2023, Max Life Insurance company reported 20.92% growth in premiums to Rs 905.42 crore in November 2024. However, Bajaj Allianz Life Insurance reported 10.69% de-growth in premiums to Rs 659.35 crore.

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