The business premium of India's life insurers rose 15% year-on-year to Rs 42,434 crore in June, according to the data released by the Life Insurance Council on Monday.
Individual single premium rose to Rs 3,823.7 crore, while individual non-single premium stood at Rs 8,310.6 crore. Group single premium was at Rs 28,711 crore, group non-single premium at Rs 510.8 crore and group yearly renewable premium stood at Rs 1,077.6 crore, it said.
HDFC Life Insurance Co. reported a total premium of Rs 2,694 crore, marking an 8.3% increase compared to the previous year. Bajaj Allianz Insurance recorded a total premium of Rs 1,082 crore, showing a robust growth of 22% year-on-year. ICICI Prudential Life Insurance's total premium rose to Rs 1,511 crore, reflecting a 14% year-on-year increase.
Max Life Insurance, however, saw a decline, with a total premium of Rs 894 crore, down by 5.7%. SBI Life Insurance's total premium surged to Rs 2,990 crore, marking a significant 21.8% growth year-on-year. Life Insurance Corp. reported a total premium of Rs 28,367 crore, representing a 13.6% increase compared to the previous year.
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