Premiums for new products in the life insurance sector rose 43.76 percent year-on-year (year-on-year) in December 2023, helped by state-owned Life Insurance Corporation (LIC) and private insurers.
The sector earned premiums worth Rs 38583.13 crore in December 2023, compared to Rs 26838.29 crore in the same period a year ago. LIC's premiums rose 93.8 per cent to Rs 22981.28 crore in December 2023 from Rs 11858.5 crore a year ago, driven by manifold growth in group business, according to data released by the Life Insurance Council.
Private insurers' premiums rose 4.15 percent year-on-year to Rs 15601.85 crore from Rs 14979.79 crore.
LIC's single premium product for the group rose 195 percent to Rs 17601.97 crore, compared to Rs 5966.87 crore in the same period last year.
SBI Life Insurance, India's largest private insurer, reported a 20.73 per cent fall in premium to Rs 4,606.85 crore. HDFC Life Insurance rose 3.26 per cent to Rs 2842.9 crore.
ICICI Prudential Life Insurance rose 2.89 per cent year-on-year to Rs 1,497.27 crore, while Max Life Insurance posted a growth of 17.61 per cent to Rs 1,213.93 crore.
During April-December 2023, LIC recorded a 16.25 percent year-on-year premium decline to Rs 147405.59 crore, compared to Rs 176001.77 crore during the same time in 2022. Private companies reported a 10.39 percent increase to Rs 102868.16 crore during the same period. . The sector fell 7.03 percent in April-December.
SBI Life Insurance saw premiums improve 20.87 percent year-on-year to Rs 26,000 crore in April-December 2023. HDFC Life Insurance witnessed premium growth of 10.28 percent to Rs 20344.33 crore.
ICICI Prudential Life Insurance grew 2.13 per cent YoY to Rs 11527.27 crore, while Max Life Insurance recorded 23.53 per cent growth at Rs 6966.78 crore.
First print: January 9, 2024 | 4:11 pm IST