Data Alert
LIC's mkt share falls in Dec on slump in 1st year premium income
This story was originally published at 19:55 IST on 10 January 2025
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NEW DELHI – The first-year premium income of life insurance companies in India slumped in December, dragged down by the Life Insurance Corp. of India Ltd., which also saw its market share fall to a 24-month low, data released by the Life Insurance Council showed.
Life insurance companies' first-year premium income fell 21.7% on year to INR 302.19 billion in December. On a sequential basis, however, premium income was up 19.4% compared to November's INR 253.07 billion.
The cumulative premium income of the life insurance sector fell on year in December mainly on account of the poor performance by LIC, whose first year premium income fell 41.2% on year to INR 135.24 billion in December. Private life insurance companies, on the other hand, saw their premium income rise by 7.0% on year to INR 166.95 billion.
LIC's market share slumped to 44.8% in December from 46.4% in November and 59.6% in December 2023.
Among private life insurers, SBI Life Insurance Co. Ltd. saw a 15.2% on-year rise in premium income to INR 53.08 billion. ICICI Prudential Life Insurance Co. Ltd's premium income rose 3.9% on year to INR 15.55 billion.
The premium income of HDFC Life Insurance Co. Ltd. fell 4.6% on year to INR 27.13 billion in December.
The following is a table of new premium income of life insurance companies in December, in INR million, compared with the year-ago period:
| Company Name | December 2024 | December 2023 | Year-on-Year % change | Market share |
| SBI Life Insurance Co. Ltd. | 53,079.8 | 46,068.5 | 15.2% | 17.6% |
| HDFC Life Insurance Co. Ltd. | 27,134.9 | 28,429.0 | (-)4.6% | 9.0% |
| ICICI Prudential Life Insurance Co. Ltd. | 15,552.4 | 14,972.7 | 3.9% | 5.1% |
| Axis Max Life Insurance Co. Ltd. | 12,545.1 | 12,139.3 | 3.3% | 4.2% |
| Bajaj Allianz Life Insurance Co. Ltd. | 10,548.2 | 9,615.1 | 9.7% | 3.5% |
| Aditya Birla Sun Life Insurance Co. Ltd. | 8,898.4 | 80,00.9 | 11.2% | 2.9% |
| Kotak Mahindra Life Insurance Co. Ltd. | 7,537.3 | 7,612.8 | (-)1.0% | 2.5% |
| TATA AIA Life Insurance Co. Ltd. | 6,567.1 | 5,896.6 | 11.4% | 2.2% |
| PNB Metlife Life Insurance Co. Ltd. | 4,763.7 | 3,555.4 | 34.0% | 1.6% |
| Star Union Dai-Ichi Life Insurance Co. Ltd. | 2,869.7 | 3,443.1 | (-)16.7% | 0.9% |
| Shriram Life Insurance Co. Ltd. | 2,254.9 | 1,700.8 | 32.6% | 0.7% |
| IndiaFirst Life Insurance Co. Ltd. | 2,118.0 | 1,872.8 | 13.1% | 0.7% |
| Canara HSBC Life Insurance Co. Ltd. | 1,588.9 | 2,322.0 | (-)31.6% | 0.5% |
| Pramerica Life Insurance Ltd. | 901.9 | 1,001.7 | (-)10.0% | 0.3% |
| Ageas Federal Life Insurance Co. Ltd. | 1,054.5 | 1,130.2 | (-)6.7% | 0.3% |
| Reliance Nippon Life Insurance Co. Ltd. | 1,107.3 | 1,316.5 | (-)15.9% | 0.4% |
| Godigit Life Insurance Ltd. | 882.4 | 654.4 | 34.8% | 0.3% |
| Bharti AXA Life Insurance Co. Ltd. | 752.2 | 703.1 | 7.0% | 0.2% |
| Future Generali India Life Insurance Co. Ltd. | 545.3 | 478.5 | 14.0% | 0.2% |
| Edelweiss Tokio Life Insurance Co. Ltd. | 551.8 | 538.4 | 2.5% | 0.2% |
| Bandhan Life Insurance Ltd. (formerly Aegon Life Insurance Co. Ltd.) | 259.9 | 151.9 | 71.1% | 0.1% |
| Aviva Life Insurance Co. Ltd. | 175.7 | 265.5 | (-)33.8% | 0.1% |
| CreditAccess Life Insurance Co. Ltd. | 208.7 | 64.4 | 224.1% | 0.1% |
| Acko Life Insurance Co. Ltd. | 47.4 | 69.5 | (-)31.8% | 0.0% |
| PRIVATE TOTAL | 166,948.5 | 156,018.5 | 7.0% | 55.2% |
| Life Insurance Corp. of India Ltd. | 135,238.7 | 229,812.8 | (-)41.2% | 44.8% |
| GRAND TOTAL | 302,187.1 | 385,831.3 | (-)21.7% |
End
Reported by Shubham Rana
Edited by Rajeev Pai
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