Collective new business premium income for life insurance companies witnessed an over 18% year-on-year rise to Rs 32,857 crore for August from Rs 27,820.74 crore for the same period last year, data from Irdai showed on Wednesday.
According to the General Insurance Council’s ‘flash figures’ for August, non-life insurers’ collective gross direct premium underwritten grew nearly 12% y-o-y at 24,471.93 crore compared with Rs 21,867.93 crore for the same period a year ago.
Insurance regulator Irdai’s data showed further that new business premium or the first-year premium of 23 private sector life insurance companies for August 2022 grew 23.87% y-o-y at Rs 10,974.87 crore, while state-run LIC registered a 15.41% y-o-y growth at Rs 21,882.13 crore for the same period.
Among major life insurers in the private sector, SBI Life’s new business premium for the month rose 20.69% y-o-y at Rs 2,700.80 crore, while for HDFC Life Insurance, it was up by 16.80% y-o-y at Rs 2,091.33 crore. ICICI Prudential Life’s new business premium for the period rose 11.31% at Rs 1,420.76 crore, for Bajaj Allianz Life it was up by 32.40% at Rs 669 crore and for Max Life it was down by 1.10% y-o-y at Rs 604.04 crore.
According to the figures, gross direct premium underwritten for state-run New India Assurance, the market leader in the non-life insurance space, fell by 1.25% y-o-y at Rs 2,251.27 crore for August. For United India Insurance, gross direct premium underwritten declined by 6.69% y-o-y at Rs 1,212.62 crore. National Insurance Company’s gross direct premium underwritten grew 20.95% y-o-y at Rs 1,189.37 crore during the month, while for Oriental Insurance it rose by 0.75% y-o-y to Rs 873.95 crore.
During the last month, among major general insurers in the private sector, gross direct premium underwritten for ICICI Lombard General Insurance rose 58.56% y-o-y to Rs 1672.59 crore, while for HDFC Ergo it was up by 54.19% y-o-y at Rs 2,068.01 crore. SBI General Insurance’s gross direct premium for the period was up by 6.36% y-o-y at Rs 1,500.75 crore, while for Bajaj Allianz General Insurance it declined by 23.62% y-o-y at Rs 1,021.40 crore.