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Insurance
09-Oct-23
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Life insurers' new business premium income drops 13% in September, largely dragged down by LIC
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September was a weak month for life insurance companies, where premiums for the sector saw a drop of 13% on a year-on-year basis.
In September, life insurance companies reported a 16% decline in new business premium income to Rs. 30,716 crore as compared to Rs.36,367 crore in the same period last year.
The total premium collection for the life insurance industry fell by 13% in the first half of FY24.
The premium collection for private life insurance companies was relatively better but still reflected weakness.
Private life insurance companies recorded growth of 11% to Rs 12,590 crore in premium collection for the month of September on a year-on-year basis, and for the first half of FY24, premium collection for private life insurance companies stood at 14%.
Max Life Insurance saw a 24% growth in its premium collection for the month of September. Also, for the first half of FY24, the premium collection grew by 27%, whereas the Retail Annualised Premium Equivalent (APE) for the company grew by 29%.
SBI Life Insurance saw its premiums in September grow by 16% and 24% in the first half of FY24. September Retail APE also saw a 16% growth during the month.
HDFC Life's premium collection for the month of September grew by 8% and 15% in the first half of FY24. The Retail APE for the insurer also saw a 13% growth on a year-on-year basis.
LIC's Weak performance continued in September as well. Premium collection from LIC dragged down the insurance industry numbers in September.
LIC's premium collection dropped by 27.47% in September, and the largest life insurer's premium collection dropped by 25.4% in the first half of FY24. The Retail APE saw a gain of about 5%.
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