Collective new business premium income for life insurance companies witnessed close to a 38% year-on-year rise to Rs 1.82 trillion for the first half of this fiscal, from Rs 1.32 trillion in the year-ago period, according to data released by the Life Insurance Council. Data from the General Insurance Council show that non-life insurers’ collective gross direct premium underwritten grew over 15% to Rs 1.25 trillion in H1, compared with Rs 1.1 trillion for the same period last year.
New business premium or the first-year premium of 23 private sector life insurance companies for H1 grew 23.29% to Rs 57,785.88 crore, while state-run LIC registered a 45.91% growth to Rs 1.24 trillion.
For September, collective new business premium income of private life insurers declined 8.86% to Rs 11,375.26 crore. LIC’s new business premium for the month rose 34.94% to Rs 24,991.26 crore.
Among major life insurers in the private sector, SBI Life’s new business premium for H1FY23 grew 27.22% to Rs 13,087.14 crore, while for HDFC Life Insurance, it was up 5.73% to Rs 11,039.35 crore. ICICI Prudential Life’s new business premium rose 13.91% to Rs 7359.09 crore. Bajaj Allianz Life reports a 46.27% rise to Rs 5,152.06 crore, while for Max Life, it grew by 8.66% to Rs 3,377.97 crore.
According to the General Insurance Council’s figures, gross direct premium underwritten for state-run New India Assurance, the market leader in the non-life insurance space, rose 2.88% to Rs 1,7373.36 crore for H1FY23. For United India Insurance, the same rose 15.19% to Rs 8,785.01 crore. National Insurance Company’s gross direct premium underwritten fell 0.53% to Rs 6,852.21 crore during the period, while for Oriental Insurance, it rose 12.35% to Rs 8,002.33 crore.