First-year premiums of life insurance companies registered a year-on-year growth of nearly 14.19 per cent to Rs 31,822.69 crore in July 2024, helped by healthy business growth of Life Insurance Corporation of India (LIC).
According to the latest data released by the Life Insurance Council, LIC’s premium rose 20 per cent year-on-year to Rs 18,430.63 crore, while private insurers recorded a 7 per cent rise in their premiums to Rs 13,392.07 crore.
Premium growth was driven by LIC, while a high base effect impacted the improvement in private life insurers, analysts said.
The premium growth of the largest life insurer LIC in July was driven by a 22.74 per cent rise in its group business to Rs 12,838.14 crore over the same period a year ago.
The industry’s standalone business witnessed a growth of 20.69 per cent, with standalone premiums growing 24.82 per cent to Rs 4,610.66 crore and non-standalone premiums increasing to Rs 9,170.53 crore by July 2024.
SBI Life Insurance, the largest private sector life insurer, reported a 26.3 per cent decline in first-year premium to Rs 2,995.61 crore from last year, while HDFC Life registered a 33.7 per cent growth to Rs 2,699.01 crore.
Other major players including ICICI Pru Life, Bajaj Allianz Life Insurance and Max Life Insurance registered growth of 7.36 per cent, 60.5 per cent and 27.8 per cent respectively.
In the April-July period, NBP rose 20.5 per cent to Rs 1,21,549.39 crore. LIC’s premium rose nearly 26 per cent to Rs 75,871.53 crore over last year, while private insurers registered a 12.3 per cent rise in premium to Rs 45,677.87 crore.
In the April-July period, life insurers recorded a growth of almost 8.9 percent in the number of policies sold compared to last year.
First published: August 12, 2024 | 19:05 IS
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