Data Alert
Life insurers' 1st yr premium income up 14.2% YoY in July
This story was originally published at 16:21 IST on 12 August 2024
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MUMBAI – The first-year premium income of life insurance companies in India rose 14.2% on year to 318.23 bln rupees in July, on the back of a 19.8% growth in the premium income of The Life Insurance Corp of India, data released by the Life Insurance Council shows. In June, the premium income had risen 14.8% on year to 424.34 bln rupees.
Last month, Life Insurance Corp's premium income rose 19.8% on year to 184.31 bln rupees, and its market share rose to 57.92% from 55.21% in the corresponding month a year ago. Premium income of private life insurance companies rose only 7.3% on year to 133.92 bln rupees in July.
The first-year premium income of SBI Life Insurance Co, which is the second-largest life insurance company, fell 26.4% on year to 29.96 bln rupees in July. The premium income of HDFC Life Insurance Co, the third-largest life insurer, increased 33.8% on year to 26.99 bln rupees last month. ICICI Prudential Life Insurance Co's premium income rose 7.4% on year to 17.60 bln rupees.
Within the new premium, the individual single premium rose 24.8% on year to 49.11 bln rupees in July, while individual non-single premium rose 18.7% to 91.71 bln rupees. Group single premium was up 9.9% on year at 164.35 bln rupees.
The first year premium income of life insurers in the Apr-Jul rose 20.5% from the previous year to 1.22 trln rupees.
Following is a table of new premium income of life insurance companies in July, in mln rupees, compared with the year-ago period:
| Insurer | Jul 2024 | Jul 2023 | Year-on-Year (% change) | Market share (%) |
| SBI Life Insurance Co Ltd | 29,956.10 | 40,673.90 | -26.35 | 9.41 |
| HDFC Life Insurance Co Ltd | 26,990.10 | 20,177.20 | 33.77 | 8.48 |
| ICICI Prudential Life Insurance Co Ltd | 17,600.00 | 16,393.60 | 7.36 | 5.53 |
| Bajaj Allianz Life Insurance Co Ltd | 11,959.10 | 7,450.70 | 60.51 | 3.76 |
| Max Life Insurance Co Ltd | 9,277.10 | 7,257.90 | 27.82 | 2.92 |
| Aditya Birla Sun Life Insurance Co Ltd | 7,334.10 | 4,659.30 | 57.41 | 2.30 |
| Tata Aia Life Insurance Co Ltd | 7,109.20 | 6,423.20 | 10.68 | 2.23 |
| Kotak Mahindra Life Insurance Co Ltd | 6,087.50 | 5,554.10 | 9.60 | 1.91 |
| Star Union Dai-Ichi Life Insurance Co Ltd | 3,118.00 | 3,008.30 | 3.65 | 0.98 |
| PNB Metlife Life Insurance Co Ltd | 2,628.20 | 2,304.80 | 14.03 | 0.83 |
| Indiafirst Life Insurance Co Ltd | 2,333.70 | 2,615.10 | -10.76 | 0.73 |
| Canara Hsbc Life Insurance Co Ltd | 1,904.00 | 2,357.50 | -19.24 | 0.60 |
| Shriram Life Insurance Co Ltd | 1,548.20 | 1,245.90 | 24.26 | 0.49 |
| Ageas Federal Life Insurance Co Ltd | 1,312.80 | 828.10 | 58.53 | 0.41 |
| Godigit Life Insurance Ltd | 1,227.90 | 504.10 | 143.58 | 0.39 |
| Pramerica Life Insurance Ltd | 979.90 | 833.20 | 17.61 | 0.31 |
| Reliance Nippon Life Insurance Co Ltd | 836.70 | 878.50 | -4.76 | 0.26 |
| Bharti Axa Life Insurance Co Ltd | 530.30 | 579.40 | -8.47 | 0.17 |
| Edelweiss Tokio Life Insurance Co Ltd | 346.30 | 332.20 | 4.24 | 0.11 |
| Future Generali India Life Insurance Co Ltd | 330.60 | 310.10 | 6.61 | 0.10 |
| Aviva Life Insurance Co Ltd | 260.70 | 306.30 | -14.89 | 0.08 |
| Creditaccess Life Insurance Co Ltd | 107.60 | 36.00 | 198.89 | 0.03 |
Bandhan Life Insurance Ltd (Formerly Aegon Life Insurance Co Ltd) | 93.30 | 76.10 | 22.60 | 0.03 |
| Acko Life Insurance Co Ltd | 49.10 | -- | -- | 0.02 |
| Private Total | 1,33,920.50 | 1,24,805.50 | 7.30 | 42.08 |
| Life Insurance Corp Of India | 1,84,306.30 | 1,53,865.70 | 19.78 | 57.92 |
| Grand Total | 3,18,226.80 | 2,78,671.20 | 14.19 | 100.00 |
Source: Life Insurance Council
End
Reported by Richard Fargose
Edited by Ashish Shirke
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