Life Insurance Companies See 7.64% YoY Growth In New Premiums

Life insurance companies have reported a 7.64 per cent year-on-year increase in new business premiums (NBPs) in October this year. This growth was driven by a robust increase in premiums from private sector insurers, which offset the decline seen in state-owned Life Insurance Corporation of India (LIC).

According to data released by the Life Insurance Council, the life insurance industry collected premiums totaling Rs 26,819.01 crore in October 2023, marking a 7.64 per cent rise compared to the same period in the previous year.

Private insurers experienced a significant boost in premiums, with a 24.18 per cent year-on-year increase, reaching Rs 11,171.86 crore from Rs 8,996.45 crore. On the other hand, LIC's premiums saw a slight decrease of 1.71 per cent, falling to Rs 15,647.15 crore from Rs 15,920.13 crore.

Among the private insurance companies, SBI Life Insurance, the largest private insurer, reported an impressive 40.06 per cent expansion in premiums, reaching Rs 2,753.29 crore. HDFC Life Insurance also showed a solid 13.20 per cent year-on-year increase, reaching Rs 2,188.04 crore. ICICI Prudential Life Insurance posted a growth of 9.95 per cent year-on-year, reaching Rs 1,328.76 crore and Max Life Insurance recorded an impressive 36.09 per cent growth, reaching Rs 728.78 crore.

Looking at the cumulative figures for the period up to October 2023, LIC experienced a 22.71 per cent year-on-year decline in premiums, dropping to Rs 1,08,289.77 crore from Rs 1,40,111.2 crore. However, the private sector reported a 15.16 per cent increase during the same period, reaching Rs 76,906.05 crore.

Among the private sector insurers, SBI Life Insurance saw a strong 26.30 per cent year-on-year improvement in premiums, reaching Rs 19,011.42 crore, while HDFC Life Insurance witnessed an 18.27 per cent growth, reaching Rs 15,341.7 crore. ICICI Prudential Life Insurance inched up by 2 per cent year-on-year, reaching Rs 8,739.05 crore and Max Life Insurance recorded a robust 27.87 per cent growth, reaching Rs 5,004.1 crore.