Life
insurance companies reported strong growth in first-year premium in August,
with total industry premium rising 33.1% year-on-year to ₹41,198 crore,
according to the latest industry data.
LIC reported a 45.3% YoY increase in first-year premium to ₹23,275
crore, while private life insurers recorded a 20% rise to ₹17,922 crore.
Among private insurers, HDFC Life’s first-year premium increased
17.8% YoY to ₹3,609 crore, while SBI Life reported a 2.8% rise
to ₹3,415 crore. ICICI Prudential Life’s first-year premium grew
9.9% to ₹1,953 crore, while Canara HSBC Life reported a 5.2%
increase to ₹278 crore.
ICICI
Prudential Life’s new business premium rose 10% YoY in August, while retail
annualised premium equivalent (APE) increased 23.4%.
Bajaj Life Insurance also reported a strong performance, with new business
premium rising 32% YoY to ₹1,954 crore in August.
For April-August, life insurers’ first-year premium stood at ₹1.97 lakh crore,
up 20.4% from the year-ago period.
In the general insurance segment, Bajaj General Insurance reported an 11% YoY
increase in gross direct premium to ₹2,291 crore in August.
Premium growth remains strong so far this fiscal
For the April-August period, life insurers’ total first-year premium stood at
₹1.97 lakh crore, up 20.4% from the year-ago period.
ICICI Prudential Life also reported a 10% increase in new business premium in
August, while its retail annualised premium equivalent, or APE, rose 23.4%
year-on-year.
APE is a measure insurers use to track the annualised value of premiums from
new policies, giving a better sense of the underlying pace of new business than
a simple premium collection figure.
