Axis Max Life, SBI Lead India's Life Insurance Premium Growth In Aug; LIC Top Drag

India's life insurance industry reported a 5.16% year-on-year decrease in premiums, reaching Rs 30,958 crore in August, compared to Rs 32,644 crore in the same month last year. Let's take a look at how the country's top insurers fared last month in terms of the growth of premiums and more:

LIC's total premium decreased by 17% year-on-year, reaching Rs 16,022 crore in August. Group single premiums, which is over 60% of the total premium, saw a 38% decrease to Rs 9971 crore, compared to Rs 13,489 crore in the same month last year.

SBI Life Insurance Co. reported a total premium of Rs 3,321 crore in August, an increase of 22.8% year-on-year, compared to Rs 2,703 crore in the same month last year.

The insurer's group single premium grew 161% year-on-year in August, reaching Rs 1,095 crore, compared to Rs 419 crore in the same month last year.

HDFC Life Insurance Co.'s premiums grew to Rs 3064 crore, an increase of 9.5% year-on-year. It stood at Rs 2,797 crore in the same month last year.

The insurer saw its group single premiums grew 19% year-on-year in August, reaching Rs 1636 crore, compared to Rs 1377 crore in the same month last year.

ICICI Prudential Life Insurance's premiums rose 17.7% year-on-year to Rs 1776 crore

ICICI Prudential Life Insurance premiums grew to Rs 1,776 crore, an increase of 17.7% year-on-year. It stood at Rs 1,509 crore in the same month last year.

Axis Max Life Insurance Co.'s premiums grew to Rs 1143 crore, an increase of 19.6% year-on-year. It stood at Rs 956 crore in the same month last year.

The insurer saw its individual non-single premiums grew 16% year-on-year in August, reaching Rs 723 crore, compared to Rs 621 crore in the same month last year.

Top Performers

• Axis Max Life Insurance grew 19.6% to Rs 1143 crore from Rs 956 crore.

• SBI Life Insurance grew 23% at Rs 3321 crore versus Rs 2,703 crore.

Laggards: Life Insurance premium for LIC dropped 17% to Rs 16,022 crore versus Rs 19,309 crore.

Moderate Performers:

• ICICI Prudential Life Insurance's premiums rose 17.7% year-on-year to Rs 1776 crore

• HDFC Life Insurance premiums grew by 9.5% to Rs 3064 crore vs Rs 2,797 crore in the same month last year.