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Insurance
11-Jul-23
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Life insurance companies new business premium income saw 1% decline in first quarter of FY24
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The life insurance industry saw a 0.91% decline in new business premium in the first quarter of FY24 on the back of a 6.98% decline in premium income reported by the state-run Life Insurance Corporation (LIC) during the same period.
Life insurers reported Rs 36,961 crore premium for June 2023, pushing their first quarter premium to Rs 73,005 crore, a decline of 1% over Rs 73,674 crore in the first quarter of previous FY23.
LIC's premium for the first quarter declined 7% to Rs 44,837 crore, from Rs 48,201 crore in Q1FY23. LIC's decline in premium was largely because of a fall in group business. The corporation's income from group single premium policies fell 7% to 33,465 crore from Rs 36,143 crore. This contributed most to the first quarter decline in premiuim reported by LIC.
The private life insurance industry, recorded a 11% growth in premium during the first quarter. One of the drivers of growth for private companies was the increase in group single premium, which rose 15% to Rs 10,700 crore in Q1FY24.
Among major private sector life insurers, SBI Life's new business premium for Q1FY24 grew 11% to Rs 6,205.71 crore and HDFC Life Insurance grew 23.48% to Rs 5,990 crore. ICICI Prudential Life's new business premium for the period declined 4.17% to Rs 3,051.23 crore. Bajaj Alliance Life fell 26.05% to Rs. 2,156.58 crore and Max Life rose 24.90% year-on-year to Rs 1,853.46 crore.
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