 "Life insurance industry's new business premium grew 15.5% in May")
The life insurance industry’s new business premium (NBP) increased by 15.5 per cent year-on-year (Y-o-Y) in May 2024, aided by growth across segments, according to Life Insurance Council’s data.
The industry earned premiums worth Rs 27,034.2 crore in May 2024 compared to Rs 23,477.8 crore in the year-ago period. LIC’s premiums increased by 18.7 per cent to Rs 16,690 crore in May 2024 from Rs 14,056.3 crore a year ago on the back of strong growth in its group business.
The private insurance companies posted a 9.8 per cent Y-o-Y increase in first-year premium to Rs 10,343.8 crore from Rs 9,421.51 crore.
The group premium segment of the life insurance industry increased by 13.14 per cent Y-o-Y to Rs 16,766.71 crore. LIC’s overall group premium product registered 20.9 per cent growth to Rs 12,632.26 crore from Rs 10,448.74 crore in the year-ago period.
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The individual premium of the industry rose by 18.6 per cent to Rs 10,267.4 crore in May. Private life insurers, which have a higher share in the segment, posted 23 per cent growth to Rs 6,209.3 crore in May as compared to Rs 5,051.29 crore in the same month last year.
SBI Life Insurance, India’s largest private insurer, saw a marginal decline of 2.48 per cent in new business premiums to Rs 2,354.33 crore from Rs 2,414.13 crore. HDFC Life Insurance’s premiums rose by 13.98 per cent Y-o-Y to Rs 2,270.88 crore.
ICICI Prudential Life Insurance increased by 32.63 per cent Y-o-Y to Rs 1,317.75 crore, while Max Life Insurance recorded 23.25 per cent growth at Rs 673.88 crore.
The number of policies issued by the insurer in the month increased by 12.45 per cent Y-o-Y in May 2024 to 1.9 million as against 1.7 million policies sold in the year-ago period.