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Insurance
07-Dec-23
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Life insurance sector new business premium income down 25% at Rs 26495 crore in November
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The life insurance sector witnessed a 25.28% decline in new business premium income to Rs 26,494.83 crore in November 2023, during the same period last year was at Rs 34,588.8 crore, according to data from the Life Insurance Council.
The premium collection for the life insurance industry so far in FY24, has seen a decline of 12.65% at Rs 2,11,690.65 crore on a year-on-year basis compared to Rs 2,42,352.31 crore recorded a year ago.
The insurance behemoth Life Insurance Corporation (LIC) reported a 32.86% fall in premium collection in November at Rs 16,134.55 crore, compared to Rs 24,032.07 crore collected previous year.
The premium income of private insurers slipped 9.33% year-on-year to Rs 10,360.29 crore from Rs 11,426.73 crore.
Among the private insurance companies, HDFC Life reported a 20.70% fall in premium in November compared with the same period a year ago. HDFC collected a total premium of Rs 2,159.73 crore in November 2023. SBI Life Insurance reported a 9.84% fall in premiums to Rs 2,381.73 crore.
ICICI Prudential Life Insurance however, posted a growth of 2.09% Y-o-Y to Rs 1,290.95 crore while Max Life Insurance reported a rise in premium of 7.91% to Rs 748.76 crore.
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