The life insurance industry reported a 12.7% year-on-year increase in premiums, reaching Rs 30,463 crore in May, compared to Rs 27,034 crore in the same month last year.
During the same period, the number of policies and schemes dropped by nearly 10%, totaling 16.73 lakh, according to the data released by the Life Insurance Council on Monday.
Life Insurance Corp
LIC's total premium increased by 10% year-on-year, reaching Rs 18,405 crore in May. Group single premiums saw a 7% increase to Rs 13,354 crore, compared to Rs 12,478 crore in the same month last year.
SBI Life Insurance
SBI Life Insurance Co. reported a total premium of Rs 2,950 crore in May, an increase of 25% year-on-year, compared to Rs 2,354 crore in the same month last year.
Individual non-single premiums grew by 5% at Rs 1,127 crore in May from Rs 1,072 crore in the same month last year.
HDFC Life Insurance
HDFC Life Insurance Co.'s premiums grew to Rs 3,022 crore, an increase of 33% year-on-year. It stood at Rs 2,270 crore in the same month last year.
The insurer's group single premium, which is 58% of the total premium, grew 51% year-on-year in May, reaching Rs 1,777 crore, compared to Rs 1,177 crore in the same month last year.
The insurer saw its individual non-single premiums grew 15% year-on-year in May, reaching Rs 892 crore, compared to Rs 776 crore in the same month last year.
ICICI Prudential
ICICI Prudential Life Insurance's premiums rose 6.5% year-on-year to Rs 1,407 crore. The insurer's individual non-single premium decreased 15.6% year-on-year in May, reaching Rs 446 crore, compared to Rs 529 crore in the same month last year.
May Life Insurance Data: Closer Look
Top Performers
HDFC Life grew 33% to Rs 3,022 crore from Rs 2,270 crore.
Axis Max Life Insurance grew 25.5% to Rs 845 crore from Rs 673 crore.
SBI Life Insurance grew 25.31% at Rs 2,950 crore versus Rs 2,354 crore.
All these companies showed strong growth during the period.
Moderate Growth: Life insurance premium for LIC grew 10.27% to Rs 18,405 crore versus Rs 16,690 crore.
The Laggards: Kotak Mahindra Life, Bajaj Allianz, Aditya Birla Sun Life Insurance reported a degrowth worse than the industry.
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