Life Insurers' Revenue Rises 48% In February, LIC's Growth Outshines Peers

India's life insurers saw a strong rise in revenue growth in February, as compared with the previous year.

The industry's new business premium rose 48% to Rs 33,913 crore in February, according to provisional data released by the Life Insurance Council. However, there was only a 9% increase in the total number of policies sold.

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 26% higher than February last year. And the retail-weighted received premium was 18% higher than last year.

Life Insurance Corp. reported the maximum year-on-year growth in new business premiums in February while SBI Life Insurance Co. reported the highest revenue among private listed players.

• The new business premium of private insurers was Rs 14,017 crore in February, which is 28% higher year-on-year.

• The APE was up 25% year-on-year.

• The retail-weighted received premium was 20% higher than last year.

• LIC's revenue surged 67% to Rs 19,896 crore, over February last year.

• The APE rose 28% year-on-year.

• Retail WRP gained 13% over the same period last year.

• Market share fell to 58.6% from 63.8%.

• Revenue from HDFC Life was up 15% at Rs 2,602 crore, as compared with the same period last year.

• On an APE basis, it rose 23% over last February.

• Retail WRP was 28% higher year-on-year.

• The market share was at 8% versus 7.2% last year.

• The company reported the highest revenue among listed peers in February.

• SBI Life's new business premium jumped 32% to Rs 2,649 crore.

• On an overall weighted average basis, it rose 24% over last February.

• Retail WRP was up 26% over February 2023.

• SBI Life's market share expanded to 10.7% from 8.2%.

• The new business premium stood at Rs 1,763 crore, a 33% jump year-on-year.

• On a weighted average basis, it rose 38% over last year.

• The retail WRP reported growth of 34% over February 2023.

• Market share is at 4.7% up to February versus 4.4% last year.