Data Alert
Life insurers' new business premium rises 13.2% on year in Oct
This story was originally published at 17:45 IST on 11 November 2024
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MUMBAI – The new business premium of life insurance companies rose 13.2% on year to INR 303.48 billion in October, according to data released by the Life Insurance Council. Of the total premium collected, the group single premium contributed the most at INR 182.58 billion, up 15.8% on year.
Individual single premium was INR 33.97 billion, a growth of 8.6% on year. The growth in new business premiums is driven by private insurers despite the revised surrender value norms effective from Oct. 1. Private life insurers saw a 18.3% jump in new business premium in October to INR 132.17 billion.
The Life Insurance Corp. of India, the biggest insurance company in the country, reported a growth of 9.5% on year to INR 171.31 billion in new business premium income. LIC's market share declined to 56.4% in October from 58.2% in September.
The premium income of HDFC Life Insurance Co., the largest private sector life insurer by market share, increased 27.9% on year to INR 27.99 billion in October. SBI Life Insurance Co. Ltd, the second-largest private player, saw a drop of 3.8% on year to INR 26.48 billion last month.
New business premium income of other insurers such as ICICI Prudential Life Insurance Co. Ltd and Bajaj Allianz Life Insurance Co. Ltd grew 25.3% and 21.5%, respectively.
Insurers sold 1.2 million policies in October, down 41.6% from the corresponding period last year. LIC sold 572,918 policies and private insurers sold 628,296 policies in October. During Apr-Oct, the total number of policies stood at 14.57 million.
Following is a table of new premium income of life insurance companies in October, in INR million, compared with the year-ago period:
| Insurer | October 2024 | October 2023 | Year-on-Year (% change) | Market share (%) |
| HDFC Life Insurance Co Ltd | 27,991.5 | 21,880.4 | 27.9% | 9.22% |
| SBI Life Insurance Co Ltd | 26,483.8 | 27,532.9 | (-)3.8% | 8.73% |
| ICICI Prudential Life Insurance Co Ltd | 16,648.1 | 13287.6 | 25.3% | 5.49% |
| Star Union DAI-ICHI Life Insurance Co Limited | 2,290.6 | 2,443.4 | (-)6.3% | 0.75% |
| Max Life Insurance Co Ltd | 8,407.5 | 7,287.8 | 15.4% | 2.77% |
| Bajaj Allianz Life Insurance Co Ltd | 10,489.5 | 8,635.6 | 21.5% | 3.46% |
| Tata AIA Life Insurance Co Ltd | 6,678.9 | 5,999.2 | 11.3% | 2.20% |
| Aditya Birla Sun Life Insurance Co Ltd | 9,404.8 | 7,042.0 | 33.6% | 3.10% |
| Kotak Mahindra Life Insurance Co Ltd | 7,273.2 | 5,453.6 | 33.4% | 2.40% |
| PNB Metlife Life Insurance Co Ltd | 5,343.7 | 2,333.8 | 129.0% | 1.76% |
| Indiafirst Life Insurance Co Ltd | 2,535.1 | 1,821.1 | 39.2% | 0.84% |
| Canara HSBC Life Insurance Co Ltd | 1,767.9 | 2,205.1 | (-)19.8% | 0.58% |
| Shriram Life Insurance Co Ltd | 1,608.9 | 1,267.1 | 27.0% | 0.53% |
| Ageas Federal Life Insurance Co Ltd | 1,031.6 | 872.8 | 18.2% | 0.34% |
| Pramerica Life Insurance Ltd | 966.5 | 955.4 | 1.2% | 0.32% |
| Reliance Nippon Life Insurance Co Ltd | 622.6 | 822.7 | (-)24.3% | 0.21% |
| Godigit Life Insurance Ltd | 902.3 | 245.0 | 268.3% | 0.30% |
| BHARTI AXA Life Insurance Co Ltd | 493.4 | 536.5 | (-)8.0% | 0.16% |
| Edelweiss Tokio Life Insurance Co Ltd | 294.5 | 350.0 | (-)15.9% | 0.10% |
| Future Generali India Life Insurance Co Ltd | 435.0 | 264.2 | 64.6% | 0.14% |
| Aviva Life Insurance Co Ltd | 173.1 | 272.5 | (-)36.5% | 0.06% |
| Bandhan Life Insurance Limited (formerly Aegon Life Insurance Co Ltd) | 139.8 | 81.9 | 70.7% | 0.05% |
| Acko Life Insurance Co Ltd | 36.3 | 37.7 | (-)3.7% | 0.01% |
| PRIVATE | 132,165.1 | 111,718.6 | 18.3% | 43.55% |
| Life Insurance Corp Of India | 171,310.9 | 156,471.5 | 9.5% | 56.45% |
| GRAND TOTAL | 303,476.0 | 268,190.1 | 13.2% | -- |
End
Reported by Christina Titus
Edited by Ashish Shirke
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