Insurance     07-Dec-23
Life insurance sector new business premium income down 25% at Rs 26495 crore in November

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.
Previous News
  HDFC Life Insurance Company schedules board meeting
 ( Corporate News - 01-Jul-24   09:52 )
  HDFC Life gets Rs 2,088-cr tax demand; plans rectification order
 ( Hot Pursuit - 28-Jun-24   14:40 )
  Indices rally for 3rd day; auto shares jump
 ( Market Commentary - Quick Review 14-Jun-24   15:46 )
  Sensex up 142 pts; VIX slides 5.50%; European mkt decline
 ( Market Commentary - Mid-Session 14-Jun-24   13:39 )
  LIC raises stake in Dr Reddy's Lab
 ( Hot Pursuit - 14-Jun-24   11:59 )
  LIC hikes stake in Dr Reddy's
 ( Corporate News - 13-Jun-24   20:38 )
  HDFC Life jumps on welcoming IRDAI's life insurance reforms
 ( Hot Pursuit - 13-Jun-24   15:16 )
  HDFC Life welcomes reforms outlined in the Master Circular on Life Insurance products
 ( Corporate News - 13-Jun-24   09:17 )
  HDFC Life Insurance Company Ltd spurts 1.22%, rises for fifth straight session
 ( Hot Pursuit - 11-Jun-24   13:00 )
  Life insurers’ new premium income up 15.15% at Rs 27,034 crore in May
 ( Insurance - 11-Jun-24   10:30 )
  HDFC Life Insurance Company Ltd gains for third straight session
 ( Hot Pursuit - 07-Jun-24   13:05 )
Other Stories
  Aegis Federal Life announces highest ever bonus total of Rs 134.44 crore for FY23-24
  25-Jun-24   10:24
  Bharti AXA Life Appoints Akhil Gupta As New Chairman
  20-Jun-24   09:56
  IRDAI directs life insurers with set of mandatory reforms to facilitate against policies
  14-Jun-24   18:05
  Life insurers’ new premium income up 15.15% at Rs 27,034 crore in May
  11-Jun-24   10:30
  PNB MetLife Insurance appoints Sameer Bansal as new MD & CEO
  06-Jun-24   14:42
  Edelweiss Tokio Life Insurance rebranded as Edelweiss Life Insurance
  03-Jun-24   15:52
  IRDAI approves appointment of Sandeep Batra as ICICI Prudential Chairman
  30-May-24   18:50
  Shriram Life Posts PAT at Rs 158 crore, New Business Premium rose 62% in FY24
  24-May-24   11:59
  Mahindra Finance obtains Corporate Agency License from IRDAI to distribute insurance products
  23-May-24   10:05
  HDFC Life declares bonus worth Rs 3722 crore to policyholders
  15-May-24   18:29
Back Top