Life insurance companies report 8% rise in premium during October

Life insurance companies reported 7.64% rise on a year-on-year basis in premium to Rs 26819.01 crore during October 2023 as compared to Rs 24916.58 crore in same month a year ago. Out of which, the private insurers’ premium rose 24.18% Year-on-Year (Y-O-Y) to Rs 11,171.86 crore in October 2023 from Rs 8,996.45 crore. On the other hand, Life insurance corporation of India’s (LIC) premium slipped by 1.71% to Rs 15647.15 crore from Rs 15920.13 crore. In the period up to October 2023, premium of life insurance companies declined 10.49% to Rs 185195.81 crore from Rs 206893.51 crore in same period previous year.

Of the total premium collected by private sector players in the month of October 2023, individual single premium stood at Rs 1387.86 crore as against Rs 1344.38 crore in October 2022, i.e. up by 3.23%. Individual Non Single premium rose 20.30% to Rs 4895.34 crore in October 2023 as compared to Rs 4069.17 crore in October 2022. Group Single Premium reported 42.88% growth to Rs 4343.95 crore as compared to Rs 3040.27 crore in October 2022 and Group Non Single premium reported over 2-fold jump at Rs 22.95 crore in October 2023. However, Group Yearly Renewable Premium declined 2.43% to Rs 521.77 crore in October 2023 as against Rs 534.75 crore in October 2022. 

Among the private insurance companies, SBI Life Insurance, the largest private insurer, reported a 40.06% expansion in premium to Rs 2753.29 crore, while HDFC Life Insurance saw a 13.20% YOY to Rs 2188.04 crore. ICICI Prudential Life Insurance posted a growth of 9.95% YoY to Rs 1328.76 crore while Max Life Insurance recorded a 36.09% growth to Rs 728.78 crore.