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.
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:
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.
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.