INSURANCE
Life insurance companies report 16% rise in premium during March 2024
Apr-20-2024

Life Insurance Council in its latest data (Provisional) has showed that life insurance companies reported 15.62% rise on a Year-on-Year (Y-O-Y) basis in premium to Rs 60213.62 crore during March 2024 as compared to Rs 52081.12 crore in same month a year ago. Out of which, the private insurers’ premium increased by 2.35% Y-O-Y to Rs 23913.00 crore in March 2024 from Rs 23364.88 crore. On the other hand, Life insurance corporation of India’s (LIC) premium jumped 26.41% to Rs 36300.62 crore from Rs 28716.23 crore. In the period up to March 2024, premium of life insurance companies was up by 2.00% to Rs 377960.34 crore from Rs 370543.02 crore in same period previous year.

Of the total premium collected by life insurance companies in the month of March 2024, individual single premium stood at Rs 3988.06 crore as against Rs 4278.18 crore in March 2023, i.e. down by 6.78%. Individual Non Single premium declined 16.73% to Rs 5060.81 crore in March 2024 as compared to Rs 6077.97 crore in March 2023. However, Group Single Premium reported 47.89% jump at Rs 26250.14 crore as compared to Rs 17749.22 crore in March 2023, while Group Non Single premium rose to Rs 549.07 crore and Group Yearly Renewable Premium increased to Rs 452.53 crore in March 2024.

Among the private insurance companies, SBI Life Insurance reported 24.76% Y-o-Y growth in premium to Rs 4370.81 crore. ICICI Prudential Life Insurance posted a growth of 12.58% YoY to Rs 3225.29 crore. Max Life Insurance Company reported a growth of 2.68% in premiums to Rs 2040.44 crore. Bajaj Allianz Life Insurance Company reported 16.52% growth in premiums to Rs 1953.08 crore. Kotak Mahindra Life Insurance Company recorded a 15.47% growth to Rs 1717.22 crore. However, in March 2024, HDFC Life Insurance Company’s premium stood at Rs 4641.46 crore, down 20.05% over March 2024. Tata AIA Life Insurance Company logged 18.80% fall in premium to Rs 1595.21 crore in March 2024. 

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