The new business premium of life insurance companies declined by 25.28 per cent year-on-year (Y-o-Y) in November 2023 as the premiums of both the state-owned Life Insurance Corporation of India (LIC) and private insurers saw a decline.
Data released by the Life Insurance Council shows that the life insurance industry earned premiums to the tune of Rs 26,494.83 crore in November 2023, down 25.28 per cent from Rs 34,588.8 crore recorded in the year-ago period. While private insurers’ premiums slipped 9.33 per cent Y-o-Y to Rs 10,360.29 crore from Rs 11,426.73 crore, LIC’s premiums dropped by 32.86 per cent to Rs 16,134.55 crore from Rs 24,032.07 crore.
Among the private insurance companies, SBI Life Insurance, the largest private insurer, reported a 9.84 per cent decline in premiums to Rs 2,381.73 crore. HDFC Life Insurance saw a 20.70 per cent Y-o-Y fall to Rs 2,159.73 crore.
The other two listed life insurance companies, apart from LIC, SBI Life Insurance and HDFC Life Insurance, ICICI Prudential Life Insurance, posted a growth of 2.09 per cent Y-o-Y to Rs 1,290.95 crore, while Max Life Insurance recorded a 7.91 per cent growth to Rs 748.76 crore.
In the period up to November 2023, LIC has posted a 24.20 per cent Y-o-Y decline in premium to Rs 124,424.31 crore from Rs 164,143.27 crore. On the other hand, the private sector reported an 11.58 per cent rise in the same period to Rs 87,266.33 crore.
Among the private sector players, SBI Life Insurance saw a 20.90 per cent Y-o-Y improvement in premiums to Rs 21,393.15 crore, whereas HDFC Life Insurance witnessed an 11.51 per cent growth in premium to Rs 17,501.43 crore.
ICICI Prudential Life Insurance inched up by 2.01 per cent Y-o-Y to Rs 10,030 crore, while Max Life Insurance recorded a 24.86 per cent growth to Rs 5,752.86 crore.