Total life insurance premium grew 8.42% to Rs 21,965 crore in April from Rs 20,258 crore in the year-ago period, according to data from the Life Insurance Council on Tuesday.
The largest insurer, Life Insurance Corp., reported a modest 2% growth in premium to Rs 36,907 crore. Among private insurers, HDFC Life Insurance Co. delivered the strongest performance with a 23% year-on-year rise in insurance premium to Rs 1,943 crore. Axis Max Life Insurance also showed a robust growth of 17.2%, collecting Rs 592 crore in premium.
ICICI Prudential Life Insurance Co. reported a 9.9% increase to Rs 1,032 crore, while Bajaj Allianz grew 4% to Rs 719 crore. SBI Life Insurance Co. posted a marginal growth of just 0.29%, with the premium at Rs 1,693 crore.
Aditya Birla Sun Life Insurance saw a sharp 27% decline to Rs 292 crore, and Kotak Mahindra Life reported a 7% drop in premium to Rs 369 crore.
The life insurance industry showed healthy overall growth, led by HDFC Life Insurance Co. and Axis Max Life Insurance, while Aditya Birla and Kotak Life witnessed significant degrowth. LIC's growth remained modest.
Overall, the industry maintained positive momentum, led by strong performances from select private players despite some underperformance by others.
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