India's life insurers saw a rise in revenue growth in January, as compared with the previous year.
The industry's new business premium rose 27% to Rs 33,560 crore in January, according to provisional data released by the Life Insurance Council on Wednesday. A 10% increase in the total number of policies sold aided the rise.
On an annualised premium equivalent basis—which is to bring the single lump-sum premium at par with the non-single or regular premium received over a period of time—it was 25% higher than January last year. And the retail-weighted received premium was 15% higher than last year.
SBI Life Insurance Co. reported the highest revenue among private listed players and the maximum year-on-year growth in new business premiums in January.
Private Insurers' Performance
The new business premium of private insurers was Rs 14,639 crore in January, which is 32% higher year-on-year.
The APE was up 18% year-on-year.
The retail-weighted received premium was 20% higher than last year.
Here's How India's Listed Insurers Fared In January:
Life Insurance Corp. Of India
LIC's revenue was Rs 18,921 crore, up 24% over January last year.
The APE rose 36% year-on-year.
Retail WRP gained 7% over the same period last year.
Market share fell to 58.6% from 64.7%.
HDFC Life Insurance Co.
Revenue from HDFC Life was up 2% at Rs 2,400 crore, as compared with the same period last year.
On an APE basis, it rose 10% over last January.
Retail WRP was 17% higher year-on-year.
The market share was at 8% versus 7% last year.
SBI Life Insurance Co.
The company reported the highest revenue among listed peers in January.
SBI Life's new business premium jumped 103% to Rs 5,219 crore.
On an overall weighted average basis, it rose 35% over last January. This was on the back of a strong uptick in the group single premium policies.
Retail WRP was up 17% over January 2023.
SBI Life's market share expanded to 11% from 8.1%.
ICICI Prudential Life Insurance Co.
The new business premium stood at Rs 1,565 crore, a 9% rise year-on-year.
On a weighted average basis, it rose 3% over last year.
The retail WRP reported growth of 22% over January 2023.
Market share is at 4.6% up to January versus 4.3% last year.
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