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Insurance
09-Aug-22
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Life insurance companies' new business premiums (NBP) rose 91 per cent in July
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New business premiums (NBP) of life insurance companies rose 91 per cent year-on-year (YoY) in July, driven by strong premium growth from state-owned Life Insurance Corporation (LIC).
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New business premiums (NBP) of life insurance companies rose 91 per cent year-on-year (YoY) in July, driven by strong premium growth from state-owned Life Insurance Corporation (LIC).
According to data released by the Insurance Regulatory and Development Authority of India (IRDAI), life insurance companies reported NBP of Rs 39,078.90 crore in July. LIC's NBP rose 142 per cent year-on-year to Rs 29,116.68 crore, while private insurers' NBP rose 18.5 per cent to Rs 9,962.22 crore. In June, the life insurance sector grew by 4.15 percent in NBP, mainly due to contraction in LIC's premiums.
NBP is the premium received from new policies for a particular year. It is the sum of first year premium and single premium calculated during the year.
LIC's strong premium growth in July is primarily on the back of increase in group single premium and non-single premium. Private insurers have recorded good growth in group single premiums and group renewal premiums.
Among the top life insurers in terms of market share, SBI Life's NBP rose by 29 per cent in July, ICICI Prudential Life's NBP rose by 16.20 per cent and Max Life's increased by just 1.67 per cent. On the other hand, HDFC Life reported a contraction of 6 percent in NBP during the same period.
So far in FY23, life insurers have reported a 54 per cent YoY rise in premiums to Rs 1.12 trillion, with LIC's premium growing at 62 per cent and private insurers at 39 per cent year-on-year. In the April-June quarter (Q1FY23), life insurers saw their NBP rise by 40 per cent over the same period a year ago due to a lower base.
LIC has gained over 315 basis points in market share from June to July. Since March, LIC has gained over 500 basis points of market share on NBP basis.
As this is the first year without any restrictions, the general consensus is that premium growth for life insurers will be healthy this year. While demand for term, annuity and guarantee products is expected to remain strong, unit-linked products may take a hit due to volatility in equity markets.
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