Life insurers see 27% rise in new policy premiums

Mumbai: The life insurance industry reported a 27% increase in income from selling new policies during January. It collected a total business premium of ₹33,559 crore in the month, against ₹26,423 crore in January 2023. State-owned Life Insurance Corporation (LIC) reported a 23% increase in income during the month to ₹18,920 crore against ₹15,301 crore. Similarly, private insurers registered 31.6% growth in income during the month to ₹14,638 crore.

Among the listed private insurers, SBI Life recorded impressive 100% growth in new business income to ₹5,216 crore during January 2024 against ₹2,572 in January 2023.

For April-January period, SBI Life reported 29.63% increase in income. ICICI Prudential reported 8.6% increase in January premium to ₹1,564 crore against ₹1,439 crore. During the year to January, the insurer reported 2.87% increase.

Max Life Insurance saw a massive 50% increase in income to ₹915 crore from ₹606 crore aided by growth in group single premium.

HDFC Life saw a marginal growth of 2% to ₹2,400 crore.

For the first 10 months of the financial year 2023-24 (FY24), the industry has reported about 4% decline which was led by the 13% fall by LIC when the private insurers have seen 12.65% increase.

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