LIC drives new biz premium growth of life insurance companies in July | Company News
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First-year premium of life insurance companies posted nearly 14.19 per cent year-on-year (Y-o-Y) growth to Rs 31,822.69 crore in July 2024, aided by healthy growth in Life Insurance Corporation of India (LIC)’s business.
According to the latest data published by the Life Insurance Council, LIC’s premium increased by 20 per cent Y-o-Y to Rs 18,430.63 crore, whereas private insurers posted a 7 per cent rise in their premiums to Rs 13,392.07 crore.
The growth in the premium was driven by LIC, while a high base effect impacted the improvement of private life insurers, analysts said.
The premium growth of the largest life insurer in July—LIC—was driven by a 22.74 per cent rise in its group business to Rs 12,838.14 crore from the year-ago period.
The individual business of the industry saw growth of 20.69 per cent, with individual single premiums growing by 24.82 per cent to Rs 4,610.66 crore and non-single premiums rising to Rs 9,170.53 crore in July 2024.
SBI Life Insurance, the largest private sector life insurer, posted a 26.3 per cent decline in first-year premium to Rs 2,995.61 crore over last year, whereas HDFC Life clocked 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, posted 7.36 per cent, 60.5 per cent, and 27.8 per cent growth, respectively.
In the April-July period, the NBP increased by 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 recorded a 12.3 per cent increase in premium to Rs 45,677.87 crore.
In the April-July period, the life insurers posted nearly 8.9 per cent growth in the number of policies sold over last year.
First Published: Aug 12 2024 | 7:05 PM IST
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