Life insurance companies reported a 13.16% year-on-year growth in new business premium (NBP) at Rs 30,347 crore in October, according to the latest data from the Life Insurance Council.
This growth was largely driven by the strong performance of private sector life insurance companies. The number of policies sold saw a sharp decline.
According to the Council data, state-owned Life Insurance Corporation (LIC) of India saw a 9.48% year-on-year rise in new business premium to Rs 17,131 crore compared to Rs 15647 crore a year ago period. Meanwhile private insurance companies NBP grew by 18.3% year-on-year to Rs 13,216.51 crore.
LIC's individual premium segment saw a 9.4% Y-o-Y decline, adding up to Rs 3,712.62 crore, while group premium grew 15.5% Y-o-Y to Rs 13,267.93 crore. Group annual renewable premium collection increased by 140.75% to Rs 150.54 crore.
Meanwhile, SBI Life Insurance, the largest private sector life insurer, saw a slight 3.8% Y-o-Y decline in NBP to Rs 2,648.38 crore, while HDFC Life recorded a 28% Y-o-Y growth, reaching Rs 2,799 crore.
Other major private players including ICICI Prudential Life, Bajaj Allianz Life Insurance, and Max Life Insurance, posted Y-o-Y growth of 25.29%, 21.46%, and 15.3%, at Rs 1,665 crore, Rs 1,049 crore and Rs 841 crore, respectively.
During the April-October period, the life insurance sector NBP grew by 18.56% Y-o-Y to Rs 2.19 trillion. LIC’s premiums grew by nearly 22.52% Y-o-Y to Rs 1.32 trillion, while private life insurers saw a 12.97% Y-o-Y increase in premiums, totalling Rs 86,880 crore.
The number of policies sold in October 2024 stood at nearly 1.2 million, a 41% drop compared to the previous year, largely due to the revised surrender value norms. During the April-October period, the number of policies sold decreased by 5.42% Y-o-Y to 14.6 million, compared to last year.
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