 |
Insurance
19-Apr-24
|
|
|
|
|
|
|
|
|
|
|
|
Life insurers’ new business premium income raises 15.6% at Rs 60,214 crore in March 2024
|
|
|
|
|
|
|
Life insurance companies’ new business premium (NBP) rose 15.6% to Rs 60,214 crore in March.
Life Insurance Corporation (LIC), India's largest insurance company, reported 26.4% NBP growth. In the same month, private life insurance companies registered a growth of 2.35%.
In the fiscal year ended March 31, 2024 Life insurance companies experienced a slow growth rate in total premium. NBP grew by 2% to Rs 3,77,960 crore, compared to Rs 370543 a year ago period.
The public sector life insurer LIC saw its total premium decline by 4% year on year to Rs 2,22,522 crore. LIC’s individual regular premium dropped 1.2% to Rs 32,604 crore while the individual single premium fell 2.5% to Rs 24,992 crore.
Private sector companies registered a growth of 12% in FY24. SBI Life, HDFC Life, ICICI Pru, Bajaj Allianz and Tata AIA Life Insurance were among the top players in private sector.
SBI Life registered the highest growth at 29.2%, contributing half of the growth in the private sector. SBI Life's premium growth through group single premium insurance grew by 66% to Rs 13,431 crore.
The premium earned by the insurer from new contracts during a particular period is referred to as new business premium.
|
|
|
|
Previous News |
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
)
|
|
|
Life insurers’ new premium income up 15.15% at Rs 27,034 crore in May
(
Insurance
-
11-Jun-24
10:30
)
|
|
|
Life Insurance Corporation of India schedules AGM
(
Corporate News
-
28-May-24
10:46
)
|
|
|
Board of Life Insurance Corporation of India recommends final dividend
(
Corporate News
-
28-May-24
10:46
)
|
|
|
LIC Q4 PAT rises 2% YoY to Rs 13,763 cr; declares dividend of Rs 6/ share
(
Hot Pursuit
-
28-May-24
10:06
)
|
|
|
Stock alert: LIC, HPCL, Adani Energy, NMDC, NALCO
(
Market Commentary
-
Stock Alert
28-May-24
08:45
)
|
|
|
Life Insurance Corporation of India consolidated net profit rises 4.48% in the March 2024 quarter
(
Results
-
Announcements
28-May-24
07:40
)
|
|
|
Life Insurance Corporation of India standalone net profit rises 2.49% in the March 2024 quarter
(
Results
-
Announcements
28-May-24
07:39
)
|
|
|
|
|
|
Other Stories |
|
|
|
|
|
|
|
|
|
|
|
|
|