LIC has seen its total premium falling by 4 per cent to around Rs 2,22 trillion in FY 24
26 private sector players, led by SBI Life Insurance, at Rs 1,55 trillion, have recorded a growth of 12 per cent in in their annual premium income.
In terms of policies, the industry has sold over 2,92 crore policies in FY 24.During FY 23, it had sold over 2,85 crore policies
Mumbai:
Indicating a slow down, primarily due to fall in the business of state owned Life Insurance Corporation(LIC), the new business premium(NBP) of the Indian life insurance industry, grew by just 2 per cent to Rs 3,77,960 lakh crore for FY24.
It stood at Rs 3,70 trillion in FY 23.
According to data released by Life Insurance Council on Thursday, the life insurance industry , with 27 players. saw its new business premium (NBP) collection at Rs 60,213 crores in March 2024, showing y-o-y growth of almost 20 per cent during the month.
In terms of policies, the industry has sold over 2,92 crore policies in FY 24. During FY 23, it had sold over 2,85 crore policies. The private sector companies have sold over 87 lakh policies showing a growth of 9.19 per cent during FY 24.
For the month of March,2024, the industry has sold over 54 lakh policies as compared to Rs 53 lakh policies in March 2023.
LIC has seen its total premium falling by 4 per cent to around Rs 2,22 trillion in FY 24.
However, 26 private sector players, led by SBI Life Insurance, at Rs 1,55 trillion, have recorded a growth of 12 per cent in in their annual premium income in FY 24.
The private sector companies have mobilised their largest premium through individual non-single premium by earning Rs 71.828 crore, up by 8.12 per cent in FY 24.
LIC has received its largest chunk of premium from Group Single Premium as it has mobilised a premium of Rs 1,58 trillion from the segment, showing a decline of 5.21 per cent in Fy24.
For the month of March, LIC’s new business premium income has grown by 28 per cent to Rs36,300 crore while the private sector companies have marginally grown their premium to Rs 23,913 crore during the month.
Except, Group Yearly Renewable premium, the corporation has seen its premium income falling by low single digit in all other segments like individual Single Premium, Individual Non Single Premium, Group Single Premium, and Group Non Single Premium in FY 24.
However, the private sector insurers have maintained a positive growth in all these segments.
Some of the private sector life insurers, which have grossed more than Rs 10,000 crore of annual premium in FY 24 are- SBI Life(Rs 38,238 crore with a growth of 29 per cent), HDFC Life(Rs29,488 crore, 3.85 per cent), ICICI Prudential life(Rs 18,000 crore, 6.85 per cent) Bajaj Allianz Life (Rs 11,492 crore, 7 per cent), Max Life(Rs 11,020, 23 per cent) .
The industry has added 1.12 agents in FY24 and by the end of FY 24, there are 29 lakh agents in the industry. LIC has added around 45,000 agents during the year and by March end, it has a total agency force of over 14 lakh agents.
This increase is in addition to the fact that there is a rapid pace of digitalisation which is undertaken by life insurers, auguring well for further increases in insurance penetration and that should bolster new business premiums in FY25, said analysts.