Life Insurance industry new business premium grew more than 15 percent in May LIC at top spot

Life Insurance Premium: There is good news for the life insurance industry. Growth has been recorded in all segments of the life insurance sector. The new business premium of the industry has increased by 15.5 percent year-on-year in May 2024. During this period, the country's largest insurance company, Life Insurance Corporation (LIC), has received the highest premium. During this period, the policies issued by insurance companies have also increased by 12.45 percent to reach 19 lakhs. In May 2023, insurance companies sold about 17 lakh policies.

Premium of more than 27 thousand crore rupees came

According to the data of Life Insurance Council, the industry has received Rs 27,034.2 crore as premium in May. The new business premium was Rs 23,477.8 crore in the same period a year ago. During this period, LIC's premium has increased by 18.7 percent to Rs 16,690 crore. In May 2023, LIC received Rs 14,056.3 crore as premium. There has been a strong jump in the group business of public sector LIC.

There was also a jump in the premium of private companies

During this period, the performance of private companies has also improved. The first year premium of private insurance companies has also increased by 9.8 percent It has become Rs 10,343.8 crore. This figure was the same in May 2023, a year ago It was Rs 9,421.51 crore.

The group premium of the industry also increased rapidly

The group premium of the life insurance industry has also grown rapidly. The group premium grew by 13.14 per cent year-on-year in May 2024 and touched the figure of Rs 16,766.71 crore. LIC's group premium products have also increased by 20.9 per cent to Rs 12,632.26 crore. This figure was Rs 10,448.74 crore in May 2023 a year ago.

Individual premium increased

Industry individual premium will also increase year-on-year in May 2024 It has increased by 18.6 percent to Rs 10,267.4 crore. Private companies have a higher share in this segment. They have earned Rs 6,209.3 crore as premium in May 2024 with a jump of 23 percent. In May 2023, this figure was Rs 5,051.29 crore.

Improvement seen in performance of private companies

The new business premium of SBI Life Insurance has decreased by 2.48 percent to Rs 2,354.33 crore. On the other hand, the premium of HDFC Life Insurance has increased by 13.98 percent to Rs 2,270.88 crore. During this period, the premium of ICICI Prudential jumped by 32.63 percent to Rs 1,317.75 crore and the premium of Max Life Insurance increased by 23.25 percent to Rs 673.88 crore.

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