INSURANCE
Life insurers report 22% fall in new business premiums in December
Jan-13-2025

Life Insurance Council in its latest data (Provisional) has showed that life insurers posted 21.68% year-on-year (Y-o-Y) fall in new business premiums (NBP) in the month of December 2024 at Rs 30218.71 crore as compared to Rs 38583.13 crore in the year-ago period. Out of which, the private insurers’ premium increased by 7.01% Y-o-Y to Rs 16694.85 crore in December 2024 from Rs 15601.85 crore. On the other hand, Life Insurance Corporation Of India’s (LIC) premium decreased 41.15% to Rs 13523.87 crore in December 2024 from Rs 22981.28 crore in December 2023. In the period up to December 2024, premium of life insurance companies was up by 9.91% to Rs 275086.92 crore in December 2024 from Rs 250273.75 crore in same period previous year.

Of the total premium collected by life insurance companies in the month of December 2024, individual single premium stood at Rs 4633.12 crore as against Rs 4081.38 crore in 2023, i.e. up by 13.52%. Individual Non-Single premium rose 4.53% to Rs 12467.51 crore in December 2024 as compared to Rs 11927.50 crore in December 2023, Group Single Premium stood at Rs 12232.36 crore in December 2024. Group Non-Single Premium stood at Rs 89.22 crore in December 2024 and Group Yearly Renewable Premium increased to Rs 796.50 crore in December 2024. 

Among the private insurance companies, SBI Life Insurance reported 15.22% Y-o-Y growth in premium to Rs 5307.98 crore in December 2024, TATA AIA Life Insurance Company reported 16.73% Y-o-Y growth in premium to Rs 2575.18 crore in December 2024,  ICICI Prudential Life Insurance posted 3.87% Y-o-Y (Year-on-Year) growth to Rs 1555.24 crore in December 2024, AXIS Max Life Insurance reported 3.34% growth in premiums to Rs 1254.51 crore in December 2024 and Bajaj Allianz Life Insurance reported 9.70% growth in premiums to Rs 1054.82 crore. However, HDFC Life Insurance Company’s premium stood at Rs 2713.49 crore in December 2024, down 4.55% over December 2023.

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