homefinance NewsOctober life insurance data: LIC is the only life insurer to see a fall in premium collections this year so far
October life insurance data: LIC is the only life insurer to see a fall in premium collections this year so far
The premium collection for LIC in the month of October fell by 2% and for the first seven months of FY24 premium collection dropped by as much as 23%. LIC saw a mediocre growth of 2% in its Retail Annualised Premium Equivalent (APE).
The life insurance industry only managed to grow its premium collection in single digit for the month of October. The premium collection for the life insurance industry in the month of October grew by 8% and so far in FY24, the premium collection at industry level has seen a decline of 10% on a year-on-year basis. Life insurers have managed to collect a total premium of ₹26,819 crore in October and₹ 1.85 lakh crore so far in FY24.
The data for total industry premium collection only provides half the picture that’s because private life insurance companies performed extremely well in October.
The premium collection for private life insurance companies in October grew by 24% on a year-on-year basis and for FY24 so far the premium collection saw a growth of 15%.
The largest life insurer-LIC, once again proved to be a drag of the industry premium collection numbers. The premium collection for LIC in the month of October fell by 2% and for the first seven months of FY24 premium collection dropped by as much as 23%. LIC saw a mediocre growth of 2% in its Retail Annualised Premium Equivalent (APE).
SBI Life Insurance and Max Life Insurance saw a very strong performance in October. SBI Life saw a 40% growth in its October premium and 26% in the premium growth for the financial year so far. SBI Life Insurance also grew its retail APE by 16% in the month of October on a year-on-year basis.
Max Life Insurance also posted 36% growth in its October premium and 28% growth in premiums for the first seven months of FY24. Max Life Insurance managed to grow its Retail APE by 38% in October on a year-on-year basis.
HDFC Life Insurance and ICICI Prudential Life Insurance also posted a good set of premium collection numbers. For HDFC Life, premiums in October grew by 12% and in FY24 so far by 14%. The company also managed to grow its October Retail APE by 17%. ICICI Prudential Life’s October premium grew by 10% and for FY24 the premium collection stood at 2%. The company posted a strong Retail APE of 21% in October.
(Edited by : Anshul)
First Published: Nov 7, 2023 5:04 PM IST
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