The life insurance industry recorded a 13% year-on-year growth in new business premiums at Rs 30,347.6 crore in October, according to the latest data from the Life Insurance Council.
Life Insurance Corporation of India (LIC), the country’s largest life insurer, saw a 9% YoY rise in new business premiums to Rs 17,131 crore. Of this, group single premiums contributed the largest chunk at Rs 13,129 crore followed by individual non-single premiums (Rs 1,976.70 crore) and individual single premiums (Rs 1,735.92 crore).
The private life insurance industry, comprising 26 players, grew by 18% year-on-year to Rs 13,216.51 crore in October. HDFC Life Insurance recorded the highest new business premium in October at Rs 2,799.15 crore, 28% year-on-year increase. SBI Life Insurance reported the second-highest new business premium collection at Rs 2,648.38 crore, although its premiums declined by 4% year-on-year.
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ICICI Prudential Life Insurance and Bajaj Allianz Life Insurance reported over 20% growth in new business premiums at Rs 1,665 crore and Rs 1,049 crore, respectively.
