Life insurers posts 61.23% growth in new business premiums in April

Life Insurance Council in its latest data (Provisional) has showed that life insurers posted 61.23 per cent year-on-year (Y-o-Y) growth in new business premiums (NBP) in the month of April 2024 at Rs 20258.86 crore as compared to Rs 12565.31 crore in the year-ago period. The growth can be attributed to robust growth registered by the Life Insurance Corporation of India (LIC). NBP is the premium collected by life insurance companies from new policies for a particular year. It is the sum of the first-year premium and single premium, reflecting the total premium received from the new businesses.

Among the segments, the Group Single Premium grew over 126 per cent from last year to Rs 11,715.42 crore. The entire group premium is dominated by LIC. Individual Single Premium stood at Rs 2575.3 crore, Individual Non Single Premium at Rs 5247.51 crore, Group Non Single Premium at Rs 131.32 crore and Group Yearly Renewable Premium Rs 589.31 crore.

LIC's premium rose by 113.14 per cent to touch Rs 12,383.64 crore, while private life insurance companies reported 16.58 growth to Rs 7875.22 crore. LIC’s the group single premium increased by 200 per cent to Rs 9020.22 crore. Among large private players, the largest private life insurer, SBI Life’s premium grew by around 26 per cent. HDFC Life’s NBP rose marginally by 4.31 per cent, ICICI Prudential Life Insurance’s premia increased 28.13 per cent, Bajaj Allianz Life swelled 25.20 per cent, and Max Life Insurance’s premium climbed by around 41 per cent.