- Life Insurance Corp's first-year premium rose 45.26% to Rs 23,275.43 crore in August
- Private insurers' combined first-year premium grew 19.99% to Rs 17,922.35 crore in August
- HDFC Life's premium increased 17.81%, Bajaj Life rose 31.59%, and SBI Life grew 2.83%
Life Insurance Corp. sharply widened its growth lead over private insurers in August, with first-year premium rising 45.26% year-on-year to Rs 23,275.43 crore.
According to Informist, the strong performance stood well ahead of the 19.99% growth recorded by private insurers, whose combined first-year premium stood at Rs 17,922.35 crore during the month.
Among major private insurers, HDFC Life reported first-year premium of Rs 3,609.49 crore, marking 17.81% growth from a year earlier. SBI Life followed with Rs 3,415.38 crore, up 2.83%.
Bajaj Life recorded a stronger performance, with first-year premium increasing 31.59% to Rs 1,953.99 crore. ICICI Prudential Life posted Rs 1,952.81 crore, representing 9.94% growth.
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Axis Max Life's first-year premium rose 8.11% to Rs 1,236.47 crore, while Aditya Birla Sun Life delivered the fastest growth among the listed private insurers in the set. Its premium jumped 137.94% to Rs 1,313.02 crore.
The numbers underline a strong August for LIC, which grew at more than twice the pace of the private insurance segment. The performance also comes after recent months in which growth across life insurers has varied considerably.
LIC's August performance puts the state-owned insurer firmly ahead of its private-sector peers on first-year premium growth.
The sharp increase also highlights the widening gap between LIC and the private insurer segment during the month.
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Among private players, Bajaj Life and Aditya Birla Sun Life delivered notable growth, while HDFC Life maintained double-digit expansion. SBI Life and ICICI Prudential Life, however, recorded more moderate increases.
August data points to a strong month for the life insurance industry, with LIC emerging as the clear growth leader while private insurers continued to expand at a slower pace.
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