Life Insurers' Revenue Rises 48% In February, LIC's Growth Outshines Peers
LIC reported maximum growth in new business premiums in February while SBI Life reported highest revenue among private listed players.
India's life insurers saw a strong rise in revenue growth in February, as compared with the previous year.
The industry's new business premium rose 48% to Rs 33,913 crore in February, according to provisional data released by the Life Insurance Council. However, there was only a 9% increase in the total number of policies sold.
On an annualised premium equivalent basis—which is to bring the single lump-sum premium at par with the non-single or regular premium received over a period of time—it was 26% higher than February last year. And the retail-weighted received premium was 18% higher than last year.
Life Insurance Corp. reported the maximum year-on-year growth in new business premiums in February while SBI Life Insurance Co. reported the highest revenue among private listed players.
Private Insurers' Performance
The new business premium of private insurers was Rs 14,017 crore in February, which is 28% higher year-on-year.
The APE was up 25% year-on-year.
The retail-weighted received premium was 20% higher than last year.
Here's How India's Listed Insurers Fared In February:
Life Insurance Corp. Of India
LIC's revenue surged 67% to Rs 19,896 crore, over February last year.
The APE rose 28% year-on-year.
Retail WRP gained 13% over the same period last year.
Market share fell to 58.6% from 63.8%.
HDFC Life Insurance Co.
Revenue from HDFC Life was up 15% at Rs 2,602 crore, as compared with the same period last year.
On an APE basis, it rose 23% over last February.
Retail WRP was 28% higher year-on-year.
The market share was at 8% versus 7.2% last year.
SBI Life Insurance Co.
The company reported the highest revenue among listed peers in February.
SBI Life's new business premium jumped 32% to Rs 2,649 crore.
On an overall weighted average basis, it rose 24% over last February.
Retail WRP was up 26% over February 2023.
SBI Life's market share expanded to 10.7% from 8.2%.
ICICI Prudential Life Insurance Co.
The new business premium stood at Rs 1,763 crore, a 33% jump year-on-year.
On a weighted average basis, it rose 38% over last year.
The retail WRP reported growth of 34% over February 2023.
Market share is at 4.7% up to February versus 4.4% last year.