Life insurers report 15% growth in new business premiums in June

Life Insurance Council in its latest data (Provisional) has showed that life insurers posted 14.80% year-on-year (Y-o-Y) growth in new business premiums (NBP) in the month of June 2024 at Rs 42433.69 crore as compared to Rs 36961.76 crore in the year-ago period. Out of which, the private insurers’ premium increased by 17.31% Y-O-Y to Rs 14066.82 crore in June 2024 from Rs 11990.94 crore. On the other hand, Life insurance corporation of India’s (LIC) premium jumped 13.60% to Rs 28366.87 crore from Rs 24970.82 crore. In the period up to June 2024, premium of life insurance companies was up by 22.91% to Rs 89726.70 crore from Rs 73004.87 crore in same period previous year.

Of the total premium collected by life insurance companies in the month of June 2024, individual single premium stood at Rs 3823.65 crore as against Rs 3609.40 crore in June 2023, i.e. up by 5.93%. Individual Non Single premium rose 19.61% to Rs 8310.61 crore in June 2024 as compared to Rs 6948.27 crore in June 2023. Group Single Premium reported 13.48% rise at Rs 28711.03 crore as compared to Rs 25299.33 crore in June 2023, Group Non Single Premium stood at Rs 510.78 crore in June 2024, and Group Yearly Renewable Premium increased to Rs 1077.62 crore in June 2024.

Among the private insurance companies, SBI Life Insurance reported 21.80% Y-o-Y growth in premium to Rs 2989.95 crore in June 2024. HDFC Life Insurance Company’s premium stood at Rs 2694.29 crore, up 8.31% over June 2024. ICICI Prudential Life Insurance posted a growth of 14.10% YoY to Rs 1510.90 crore. Bajaj Allianz Life Insurance Company reported 21.99% growth in premiums to Rs 1082.45 crore. Tata AIA Life Insurance Company logged 10.17% growth in premium to Rs 710.23 crore in June 2024. Kotak Mahindra Life Insurance Company recorded a 27.72% growth to Rs 652.49 crore. However, Max Life Insurance Company reported a de-growth of 5.68% in premiums to Rs 893.97 crore in June 2024.