Life insurers reports 15% growth in new business premiums in May

Life Insurance Council in its latest data (Provisional) has showed that life insurers posted 15.15% year-on-year (Y-o-Y) growth in new business premiums (NBP) in the month of May 2024 at Rs 27034.15 crore as compared to Rs 23477.80 crore in the year-ago period. Out of which, the private insurers’ premium increased by 9.79% Y-O-Y to Rs 10343.75 crore in May 2024 from Rs 9421.51 crore. On the other hand, Life insurance corporation of India’s (LIC) premium jumped 18.74% to Rs 16690.39 crore from Rs 14056.29 crore. In the period up to May 2024, premium of life insurance companies was up by 31.21% to Rs 47293.01 crore from Rs 36043.11 crore in same period previous year.

Of the total premium collected by life insurance companies in the month of May 2024, individual single premium stood at Rs 3350.77 crore as against Rs 2832.33 crore in May 2023, i.e. up by 18.03%. Individual Non Single premium rose 18.71% to Rs 6916.67 crore in May 2024 as compared to Rs 5826.50 crore in May 2023. Group Single Premium reported 16.70% rise at Rs 15976.07 crore as compared to Rs 3635.37 crore in May 2023, Group Non Single Premium stood at Rs 102.19 crore in May 2024, and Group Yearly Renewable Premium increased to Rs 688.45 crore in May 2024.

Among the private insurance companies, HDFC Life Insurance Company’s premium stood at Rs 2270.88 crore, up 13.98% over May 2024. ICICI Prudential Life Insurance posted a growth of 32.63% YoY to Rs 1317.75 crore. Bajaj Allianz Life Insurance Company reported 6.89% growth in premiums to Rs 768.39 crore.  Max Life Insurance Company reported a growth of 23.25% in premiums to Rs 673.88 crore. Tata AIA Life Insurance Company logged 6.37% growth in premium to Rs 618.04 crore in May 2024. However, in May 2024, SBI Life Insurance reported 2.48% Y-o-Y de-growth in premium to Rs 2354.33 crore. Kotak Mahindra Life Insurance Company recorded a 2.63% de-growth to Rs 477.45 crore.