Market News
2 min read | Updated on September 09, 2024, 14:38 IST
SUMMARY
The Life Insurance Council, in its latest data (provisional), showed that life insurers posted 21.86% year-on-year (YoY) growth in new business premiums (NBP) in August 2024 at ₹32,644.09 crore as compared to ₹26,788.55 crore in the year-ago period.
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Last seen, LIC shares were down over 1% at ₹1024.80 apiece on the BSE
Life insurance stocks in the last hour of the trade on Monday, September 9, were trading mixed after the Life Insurance Council, in its latest data (provisional), showed that life insurers posted 21.86% year-on-year (YoY) growth in new business premiums (NBP) in August 2024 at ₹32,644.09 crore as compared to ₹26,788.55 crore in the year-ago period.
Out of this, the private insurers’ premium increased by 6.71% year-on-year (YoY) to ₹13,334.99 crore in August 2024 from ₹12,496.02 crore.
On the other hand, Life Insurance Corporation of India’s (LIC) premium jumped 35.10% to ₹19,309.10 crore in August 2024 from ₹ 14,292.53 crore in August 2023. In the period up to August 2024, the premium of life insurance companies was up by 20.78% to ₹1,54,193.76 crore from ₹1,27,660.52 crore in the same period previous year.
Of the total premium collected by life insurance companies in August 2024, individual single premium stood at ₹4302.58 crore as against ₹3,970.95 crore in August 2023, i.e., up by 8.35%.
Individual non-single premium rose 10.38% to ₹9160.08 crore in August 2024 as compared to ₹8,298.32 crore in August 2023. Group Single Premium reported a 37.00% rise at ₹17,894.61 crore as compared to ₹13,061.75 crore in August 2023, Group Non Single Premium stood at ₹79.81 crore in August 2024, and Group Yearly Renewable Premium increased to ₹1,207.01 crore in August 2024.
Max Life Insurance Company reported 16.73% growth in premiums to ₹956.05 crore, while Bajaj Allianz Life Insurance Company reported 2.82% growth in premiums to ₹952.52 crore, and Tata AIA Life Insurance Company logged 7.88% growth in premiums to ₹723.14 crore in August 2024.
However, SBI Life Insurance reported 13.46% YoY de-growth in premium to ₹2,703.92 crore in August 2024.
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