The life insurance industry reported a 11.6% year-on-year drop in premiums, reaching Rs 29,985 crore in February, compared to Rs 33,913 crore in the same month last year. During the same period, the number of policies and schemes dropped by nearly 22%, totaling 19,41,272.
Life Insurance Corporation Of India
LIC's total premium decreased by 22% year-on-year, reaching Rs 15,513 crore in February. Group single premium saw a 26% drop to Rs 10,510 crore, compared to Rs 14,661 crore in the same month last year.
SBI Life Insurance
SBI Life Insurance Co. reported a total premium of Rs 2,174 crore in February, a drop of 18% year-on-year, compared to Rs 2,648 crore in the same month last year. Individual non-single premiums remained flat at Rs 1,126 crore in February from Rs 1,138 crore in the same month last year.
HDFC Life Insurance
HDFC Life Insurance Co.'s premiums grew to Rs 3,213 crore, an increase of 23.5% year-on-year. It stood at Rs 2,602 crore in the same month last year.
The insurer’s group single premium, which is 52% of the total premium, grew by 56% year-on-year in February, reaching Rs 1,681 crore, compared to Rs 1,077 crore in the same month last year.
The insurer saw its individual non-single premiums remain flat year-on-year in February, reaching Rs 1,164 crore, compared to Rs 1,155 crore in the same month last year.
ICICI Prudential
ICICI Prudential Life Insurance's premiums rose 5.3% year-on-year to Rs 1,857 crore. The insurer's individual non-single premium decreased 13% year-on-year in February, reaching Rs 708 crore, compared to Rs 818 crore in the same month last year.
February Life Insurance Data: Closer Look
The Laggards
Kotak Mahindra Life, LIC, SBI Life reported a degrowth worse than the industry.
Top Performers
HDFC Life grew 23.5% to Rs 3,213 crore from Rs 2,602 crore.
Aditya Birla Sun Life Insurance grew 13.3% to Rs 1,029 crore to Rs 909 crore.
Both these companies showed strong growth during the period .
Moderate Growth
ICICI Prudential Life Insurance grew 5.3% month-on-month at Rs 1,857 crore versus Rs 1,763 crore.
Bajaj Alliance grew 2.9% to Rs 1,080 crore from Rs 1,050 crore.
Morgan Stanley On Life Insurance
According to Morgan Stanley, life insurance premium reported a weaker growth after the strong performance in January.
In February, industry individual retail weighted received premium fell 4% year-on-year. Year-to-date growth was 12% YoY. The private sector reported 2% year-on-year and 17% year-to-date growth.
The slowdown is caused by muted ULIP growth, which has an elevated base (growth was 140% YoY for HDFC Life, 77% YoY for IPRU Life in fourth quarter of fiscal 2024).
HDFC Life reported a modest growth in both retail weighted received premium (+1% YoY) and annual premium equivalent (+4% YoY), indicates stable but slow momentum.
SBI Life reported a decline in both RWRP (-1% YoY) and APE (-6% YoY), reflecting weakness in new business traction.
ICICI Prudential Life – A contrasting trend with a sharp fall in RWRP (-13% YoY) but strong APE growth (+13% YoY), Morgan Stanley said.
Max Life – Strongest performer, with RWRP up 10% YoY and APE up 8% YoY, showing steady business expansion, the brokerage said.
Weighted received premium is a metric that measures the amount of premium an insurance company receives on individual products. It is a uniform metric used to measure the performance of a life insurance company.
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