New business premium income for the life insurance industry saw a 30.47% year-on-year rise to Rs 35,458.80 crore for November, driven by a strong 50.51% growth for Life Insurance Corporation of India (LIC), the country’s largest insurer, during the period.
New business premium or the first-year premium of private sector life insurance companies in November witnessed a marginal growth of 1.93% y-o-y to Rs 11,426 crore, according to data released by the Life Insurance Council.
LIC’s new business premium rose to Rs 24,032.07 crore in November against Rs 15,967.51 a year ago. Its group single premium and group non-single premium grew 68.76% and 29.27% to Rs 18,635.93 crore and Rs 601.73 crore, respectively.
Among major life insurers in the private sector, SBI Life’s new business premium for November fell 31.81% y-o-y to Rs 2,641.71 crore, while for HDFC Life Insurance, it was up 41.21% at Rs 2,723.39 crore. ICICI Prudential Life’s new business premium rose marginally by 1.03% to Rs 1,264.54 crore. Bajaj Allianz Life posted an 8.88% y-o-y rise to Rs 766.48 crore in its new business premium, while for Max Life, it grew 11.45% y-o-y to Rs 693.88 crore in November.
According to the data from the General Insurance Council, gross direct premium underwritten for non-life insurers rose around 22% y-o-y to Rs 19,209.24 crore compared to Rs 15,735.29 crore a year ago.
Premium underwritten for general insurance companies grew 25.66% y-o-y to Rs 17,046.96 crore, while for five stand-alone private insurers, it increased 34.3% y-o-y to Rs 2,026.34 crore last month.
PSU insurer New India Assurance, the market leader in the non-life insurance space, saw a 5.62% y-o-y increase in its premium underwritten to Rs 2,379.74 crore in November, while for Oriental Insurance Company, it rose 41.29% y-o-y to Rs 1,160.41 crore.
Among major general insurers in the private sector, for ICICI Lombard General Insurance, premium grew 18.86% y-o-y to Rs 1,794.88 crore, while for HDFC Ergo, it grew 47% y-o-y to Rs 1,156.42 crore. Bajaj Allianz General Insurance and Tata AIG General Insurance witnessed 62.13% and 29.43% y-o-y jump in their premiums in November to Rs 1,338.10 crore and Rs 1,055.69 crore, respectively.