Homefinance News

    Here's how top life insurers fared in August 2022

    finance | IST

    Here's how top life insurers fared in August 2022

    Mini

    The data put out by the Life Insurance Council showed that life insurer’s reported new business premia (NBP) to the tune of Rs 32,856.38 crore in August.

    Life insurance companies reported an 18 percent year-on-year (YoY) growth in new business premia in August, with similar rise for private ones and Life Insurance Corporation (LIC), the data showed. Across products, Unit Linked Insurance Products (ULIPs) and retail protection are lagging, but other savings and group protection are growing well.
    The data put out by the Life Insurance Council further showed that life insurer’s reported new business premia (NBP) to the tune of Rs 32,856.38 crore in August. The private sector insurers’ NBP increased by 24 percent and that of LIC rose by 15 percent.
    How India’s listed private insurers fared in August:
    HDFC Life Insurance Co
    The premium growth advanced by 8.26 percent month-on-month. Revenue was up 11 percent from the previous month.
    SBI Life
    The new business premium for the month rose 20.69 percent y-o-y at Rs 2,700.80 crore. The premium growth advanced by 16.20 percent month-on-month.
    ICICI Prudential Life
    The new business premium for the period rose 11.3 percent at Rs 1,420.76 crore.
    Meanwhile, the general insurance premium advanced by 12 percent year-on-year in August, according to the provisional data released by the General Insurance Council. The year-to-month premium was up 19 percent year-on-year, the data said.
    How India’s three listed non-life insurers fared in August:
    ICICI Lombard
    While the August premium was 21 percent up YoY, year-to-month premium was 27 percent up YoY. The FY23 year-to-month market share advanced by 60 bps.
    New India Assurance
    The August premium was down 1.2 percent YoY, while FY23 year-to-month premium was up 7 percent YoY. The FY23 year-to-month market share was 159 bps down.
    Star Health
    The August premium was 13 percent up YoY and FY23 year-to-moth premium was 12 percent up YoY. The FY23 year-to-month market share was 27 bps down.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    next story

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng