The life insurance industry experienced a significant boost in income during January, with a 27% increase in revenue from the sale of new policies. The total business premium collected amounted to ₹33,559 crore, compared to ₹26,423 crore in January 2023. Both the state-owned Life Insurance Corporation (LIC) and private insurers contributed to this growth.
LIC reported a 23% increase in income, reaching ₹18,920 crore in January, compared to ₹15,301 crore in the previous year. Private insurers, on the other hand, registered an impressive 31.6% growth, accumulating ₹14,638 crore in income during the month.
Notably, SBI Life, among the listed private insurers, achieved exceptional growth by recording a 100% increase in new business income. It generated ₹5,216 crore in January 2024, compared to ₹2,572 crore in January 2023.
For the period of April to January, SBI Life reported a 29.63% increase in income. ICICI Prudential, another prominent insurer, witnessed an 8.6% growth in January premium, amounting to ₹1,564 crore, compared to ₹1,439 crore. Over the year leading up to January, ICICI Prudential reported a 2.87% increase.
Max Life Insurance experienced a substantial 50% increase in income, reaching ₹915 crore compared to ₹606 crore, thanks to growth in group single premium. HDFC Life, on the other hand, saw a marginal growth of 2%, amounting to ₹2,400 crore.
Overall, for the first 10 months of the financial year 2023-24 (FY24), the life insurance industry reported a 4% decline in income. This decrease was primarily attributed to LIC, which experienced a 13% fall. In contrast, private insurers witnessed a 12.65% increase during the same period.
