INSURANCE
Life insurance companies report 48% rise in premium during February 2024
Mar-11-2024

Life insurance companies reported 48.43% rise on a Year-on-Year (Y-o-Y) basis in premium to Rs 33913.18 crore during February 2024 as compared to Rs 22847.65 crore in same month a year ago. Out of which, the private insurers’ premium rose 27.80% Y-o-Y to Rs 14017.17 crore in February 2024 from Rs 10968.16 crore. On the other hand, Life Insurance Corporation of India’s (LIC) premium surged by 67.48% to Rs 19896.01 crore in February 2024 from Rs 11879.49 crore in February 2023. In the period up to February 2024, premium of life insurance companies declined 0.22% to Rs 317746.71 crore in February 2024 from Rs 318461.90 crore in same period previous year.

Of the total premium collected by private sector players in the month of February 2024, individual single premium up 23.19% to Rs 1889.45 crore in February 2024 as compared to Rs 1533.82 crore in February 2023. Individual Non Single premium rose 20.30% to Rs 6574.59 crore in February 2024 as compared to Rs 5465.19 crore in February 2023. Group Single Premium reported 36.37% growth to Rs 4658.96 crore in February 2024 as compared to Rs 3416.35 crore in February 2023, Group Non Single premium reported 19.46% growth at Rs 22.96 crore in February 2024 and Group Yearly Renewable Premium stood at Rs 871.21 crore in February 2024 as against Rs 533.57 crore in February 2023, i.e. up by 63.28%.

Among the private insurance companies, SBI Life Insurance, the largest private insurer, reported 32.33% growth in premium to Rs 2648.86 crore, while HDFC Life Insurance saw a 14.49% growth Y-O-Y to Rs 2602.11 crore. ICICI Prudential Life Insurance posted a growth of 32.54% Y-O-Y to Rs 1763.33 crore while Max Life Insurance recorded a 51.07% growth to Rs 1097.09 crore.

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