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  • Insurance Despite decline in the number of policies sold, new business premium increase for life insurers

    Despite decline in the number of policies sold, new business premium increase for life insurers

    LIC, SBI and HDFC record the highest new business premiums and sold the highest number of policies in April-December 2024.
    Suhail Chagla Jan 25, 2025

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    The life insurance industry has witnessed a 10% growth in terms of new business premium while experiencing a slight decline in the total policies sold in April-December 2024.

     

    IRDAI data shows that the life insurance industry has collected new business premium of Rs.2.75 lakh crore in April-December 2024 compared to Rs.2.50 lakh crore in April-December 2023.

     

    However, in terms of number of policies, the industry has sold 1.82 crore policies in the first nine months of FY 25 as against 1.85 crore in the corresponding period previous quarter, a decline of 2%.

     

    Among life insurers, LIC India continues to dominate with the highest premium collection of Rs.1.58 lakh crore in April - December 2024, showing a healthy growth of 7% compared to the previous year. The company maintains a strong market share of 57% of the total new business premium collection of the life insurance industry.

     

    SBI Life and HDFC Life followed LIC with new business premium collections of Rs.26,255 crore and Rs.22,661 crore respectively. While SBI Life has seen modest growth of 1%, HDFC Life recorded a growth of 11% in premium collection.

     

    Rounding off the top five are ICICI Prudential Life insurance with Rs. 15,139 crore and Bajaj Allianz Life with Rs. 8503 crore.

     

    Let’s look at the table to know more:

     

    Insurers

    Premium in Rs. crore, December, 2023

    Premium in Rs. Crore, December, 2024

    Growth in %

    Market Share in %

     

    LIC of India

    147405.59

    157955.95

    7.16

    57.42

     

    SBI Life

    26000.00

    26255.54

    0.98

    9.54

     

    HDFC  Life

    20342.32

    22661.22

    11.40

    8.24

     

    ICICI Prudential Life

    11527.27

    15139.19

    31.33

    5.50

     

    Bajaj Allianz Life

    7538.66

    8503.91

    12.80

    3.09

     

    Max Life

    6966.78

    8089.38

    16.11

    2.94

     

    Aditya Birla Sun Life

    5276.10

    7048.94

    33.60

    2.56

     

    Tata AIA Life

    5804.49

    6935.47

    19.48

    2.52

     

    Kotak Mahindra Life

    5078.97

    5406.96

    6.46

    1.97

     

    PNB Met Life

    2227.65

    3301.38

    48.20

    1.20

     

    Star Union Dai-ichi Life

    2242.68

    2863.08

    27.66

    1.04

     

    Canara HSBC Life

    2013.88

    2287.67

    13.59

    0.83

     

    India First Life

    2443.34

    2020.03

    -17.33

    0.73

     

    Shriram Life

    1274.70

    1572.81

    23.39

    0.57

     

    Ageas Federal Life

    759.69

    965.02

    27.03

    0.35

     

    Pramerica Life

    755.72

    853.45

    12.93

    0.31

     

    Reliance Nippon Life

    821.10

    812.01

    -1.11

    0.30

     

    Go Digit Life

    218.54

    782.04

    257.85

    0.28

     

    Bharti Axa Life

    549.88

    494.42

    -10.09

    0.18

     

    Edelweiss Life

    336.51

    343.73

    2.14

    0.12

     

    Future Generali Life

    305.60

    339.29

    11.02

    0.12

     

    Aviva Life

    253.48

    196.01

    -22.67

    0.07

     

    Bandhan Life

    68.15

    116.89

    71.52

    0.04

     

    CreditAccess Life

    43.27

    98.26

    127.07

    0.04

     

    Acko Life 

    17.35

    44.27

    155.18

    0.02

     

     

    In terms of number of policies sold, while LIC leads with 1.17 crore policies, it actually saw a decline of 7% in number of policies sold compared to April-December 2023.

    SBI Life comes second with 15.87 lakh policies sold in 2024 by registering a decline of 3% compared to 2023.

    HDFC Life, Tata AIA and Bajaj Allianz take the next three spots with 8.77 lakh, 6.52 lakh and 5.57 lakh policies sold, respectively.

     

    Let’s take a look at the table to know more:

     

    Insurers

    Policy holders up to 31st December, 2023

    Policy holders up to 31st December, 2024

    Growth in %

    Market Share in %

    LIC of India

    12581555.00

    11735012.00

    -6.73

    64.53

    SBI Life

    1642374.00

    1587717.00

    -3.33

    8.73

    HDFC  Life

    764990.00

    876965.00

    14.64

    4.82

    Tata AIA Life

    506451.00

    652429.00

    28.82

    3.59

    Bajaj Allianz Life

    492658.00

    556918.00

    13.04

    3.06

    Max Life

    459791.00

    541712.00

    17.82

    2.98

    ICICI Prudential Life

    400617.00

    458423.00

    14.43

    2.52

    Shriram Life

    270079.00

    388808.00

    43.96

    2.14

    Aditya Birla Sun Life

    191440.00

    244928.00

    27.94

    1.35

    PNB Met Life

    196284.00

    219471.00

    11.81

    1.21

    Kotak Mahindra Life

    193346.00

    187129.00

    -3.22

    1.03

    Canara HSBC Life

    129167.00

    142349.00

    10.21

    0.78

    India First Life

    202636.00

    136571.00

    -32.60

    0.75

    Star Union Dai-ichi Life

    135707.00

    119475.00

    -11.96

    0.66

    Reliance Nippon Life

    126900.00

    115348.00

    -9.10

    0.63

    Bharti Axa Life

    62785.00

    52301.00

    -16.70

    0.29

    Ageas Federal Life

    38430.00

    44900.00

    16.84

    0.25

    Pramerica Life

    25414.00

    33235.00

    30.77

    0.18

    Edelweiss Life

    35102.00

    30747.00

    -12.41

    0.17

    Future Generali Life

    23044.00

    23417.00

    1.62

    0.13

    Bandhan Life

    15618.00

    20716.00

    32.64

    0.11

    Aviva Life

    20048.00

    11048.00

    -44.89

    0.06

    Go Digit Life

    351.00

    2921.00

    732.19

    0.02

    Acko Life 

    8.00

    1302.00

    16175.00

    0.01

    CreditAccess Life

    81.00

    343.00

    323.46

    0.00

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    1 Comment
    Sham Kumar Saini · 2 weeks ago `
    Can you please share Premium and Policy Data of Last Two Quarters of September And December 2024 and it's comparison with Previous year?
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