Life Insurance Premiums Grew 2% In March After Fall In February
Among individual players, ICICI Prudential Life and Aditya Birla Sun Life Insurance posted strong growth, outperforming the industry average.
The life insurance industry reported a 2% year-on-year rise in premiums, reaching Rs 61,439 crore in March, compared to Rs 60,213 crore in the same month last year. During the same period, the number of policies and schemes dropped by nearly 19%, totaling 43,94,218.
Life Insurance Corp. Of India
LIC's total premium grew by 2% year-on-year, reaching Rs 36,907 crore in March. Group single premium remained at Rs 26,254 crore.
SBI Life Insurance
SBI Life Insurance Co. reported a total premium of Rs 3,871 crore in March, a drop of 11% year-on-year, compared to Rs 4,370 crore in the same month last year. Individual non-single premiums grew 4% to Rs 1,624 crore in March from Rs 1,560 crore in the same month last year.
HDFC Life Insurance
HDFC Life Insurance Co.'s premiums grew to Rs 4,875 crore, an increase of 5% year-on-year. It stood at Rs 4,641 crore in the same month last year.
The insurer’s group single premium, which is 48% of the total premium, grew by 2.3% year-on-year in March, reaching Rs 2,341 crore, compared to Rs 2,287 crore in the same month last year.
The insurer saw its individual non-single premiums grow 5% year-on-year in March, reaching Rs 1,908 crore, compared to Rs 1,808 crore in the same month last year.
ICICI Prudential
ICICI Prudential Life Insurance's premiums rose 18% year-on-year to Rs 3,809 crore. The insurer's individual non-single premium decreased 12.5% year-on-year in March, reaching Rs 1,296 crore, compared to Rs 1,481 crore in the same month last year.
March Life Insurance Data
Total insurance premium grew by 2% year-on-year to Rs 61,439 crore, up from Rs 60,213 crore in the same period last year. Among individual players, ICICI Prudential Life and Aditya Birla Sun Life Insurance posted strong growth, outperforming the industry average.
On the other hand, SBI Life, Kotak Mahindra Life, and Bajaj Allianz reported a decline in premiums, underperforming relative to the industry trend.
Meanwhile, HDFC Life, Life Insurance Corp., and Axis Max Life Insurance witnessed moderate growth, broadly in line with the overall market performance.
