The life insurance companies new business premium (NBP) dropped 21.7% year-on-year (Y-o-Y) to Rs 30,218.71 crore in December 2024 compared to Rs 38,581.11 crore during the same period last year, on the back of a steep fall in business.
According to the Life Insurance Council’s data, the insurance major LIC’s premium fell by 41.15% Y-o-Y to Rs 13,523.87 crore from Rs 22,981.28 crore garnered a year ago.
The private life insurers reported 7% growth in new business premium (NBP) to Rs 16,694.85 crore from Rs 15,599.83 crore collected during the same period last year, as the industry absorbs the impact of the revised surrender value norms.
LIC’s saw a major downfall in premium collection due to a significant decline in its group single premium which halved to Rs 8,191.29 crore in December compared to Rs 17,601.97 crore last year during the same period. Individual non-single premium dropped to Rs 2,628.74 crore from Rs 3,111.33 crore.
The largest private life insurers - SBI Life Insurance’s premium collection raised 15.2% to Rs 5,307.98 crore, while HDFC Life declined by 4.48% year-on-year to Rs 2,713.49 crore. Other major players like Bajaj Allianz Life Insurance, Axis Max Life Insurance registered a growth of 9.7%, 3.34%, respectively.
In the April-December period, NBP of the life insurance industry improved by 9.92% YoY to Rs 2.75 trillion, where LIC recorded 7.16% YoY to Rs 1.58 trillion. On the other hand, private life insurers posted 13.87% Y-o-Y growth to Rs 1.17 trillion.
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