The life insurance industry’s new business premium increased by 43.76 per cent year-on-year (YoY) in December 2023, helped by state-owned Life Insurance Corporation (LIC) and private insurers.
The industry earned premiums worth Rs 38583.13 crore in December 2023 compared to Rs 26838.29 crore in the year-ago period. LIC’s premiums increased by 93.8 per cent to Rs 22981.28 crore in December 2023 from Rs 11858.5 crore a year ago on the back of multifold growth in group business, according to data released by Life Insurance Council.
Private insurers’ premiums increased 4.15 per cent YoY to Rs 15601.85 crore from Rs 14979.79 crore.
LIC’s group single premium product increased by 195 per cent to Rs 17601.97 crore from Rs 5966.87 crore the year ago period.
SBI Life Insurance, India’s largest private insurer, reported a 20.73 per cent decline in premiums at Rs 4606.85 crore. HDFC Life Insurance went up by 3.26 per cent to Rs 2842.9 crore.
ICICI Prudential Life Insurance increased 2.89 per cent YoY to Rs 1497.27 crore while Max Life Insurance recorded 17.61 per cent growth at Rs 1213.93 crore.
In the April-December 2023 period, LIC posted a 16.25 per cent YoY decline in premium to Rs 147405.59 crore compared to Rs 176001.77 crore in the same time in 2022. Private companies reported a 10.39 per cent rise at Rs 102868.16 crore in the same period. The industry fell by 7.03 per cent in April-December.
SBI Life Insurance saw 20.87 per cent YoY improvement in premiums at Rs 26,000 crore in April-December 2023. HDFC Life Insurance witnessed 10.28 per cent growth in premium to Rs 20344.33 crore.
ICICI Prudential Life Insurance grew by 2.13 per cent YoY to Rs 11527.27 crore, while Max Life Insurance recorded 23.53 per cent growth at Rs 6966.78 crore.
First Published: Jan 09 2024 | 4:11 PM IST