Life Insurance companies reports 7.64% YoY rise in new business premiums

ICICI Prudential Life Insurance inched up by 2.00 per cent YoY to Rs 8739.05 crore while Max Life Insurance recorded 27.87 per cent growth to Rs 5004.1 crore

Life Insurance companies reported a 7.64 per cent year-on-year (Y-o-Y) rise in new business premiums (NBPs) in October this year, supported by a healthy growth in premiums of private sector insurers which offset the contraction posted by the state-owned Life Insurance Corporation of India (LIC).

According to the data released by the Life Insurance Council, the life insurance industry earned premiums to the tune of Rs 26,819.01 crore in October 2023, up 7.64 per cent from the year-ago period.

While the private insurers’ premiums rose 24.18 per cent YoY to Rs 11,171.86 crore from Rs 8,996.45 crore, LIC’s premiums slipped by 1.71 per cent to Rs15647.15 crore from Rs15920.13 crore.

Among the private insurance companies, SBI Life Insurance, the largest private insurer, reported a 40.06 per cent expansion in premiums to Rs 2753.29 crore, while HDFC Life Insurance saw a 13.20 per cent YoY rise to Rs 2188.04 crore.

ICICI Prudential Life Insurance posted a growth of 9.95 per cent YoY to Rs 1328.76 crore while Max Life Insurance recorded a 36.09 per cent growth to Rs728.78 crore.

In the period up to October 2023, LIC posted a 22.71 per cent YoY decline in premium to Rs 108289.77 crore from Rs 140111.2. However, the private sector reported a 15.16 per cent rise in the time period to Rs 76906.05 crore.

Among the private sector players, SBI Life Insurance saw a 26.30 per cent YoY improvement in premiums to Rs 19011.42 crore, whereas HDFC Life Insurance witnessed an 18.27 per cent growth in premium to Rs 15341.7 crore.

ICICI Prudential Life Insurance inched up by 2 per cent YoY to Rs 8739.05 crore while Max Life Insurance recorded a 27.87 per cent growth to Rs 5004.1 crore.