Life Insurance Data Premiums Rise 14% In July

The life insurance industry reported a 14.2% year-on-year rise in premiums, reaching Rs 31,823 crore in July, compared to Rs 27,867 crore in the same month last year. During the same period, the number of policies and schemes grew by nearly 3%, totalling 23,88,720.

LIC's total premium increased by 19.8% year-on-year, reaching Rs 18,430 crore in July. The individual single premium saw an even higher growth rate, rising by 39% to Rs 2,767 crore, compared to Rs 1,992 crore in the same month last year.

Additionally, the number of policies and schemes issued by LIC grew significantly by 35.5% year-on-year, with 1,05,553 policies in July compared to 77,857 in the same month last year.

SBI Life Insurance Co. reported a total premium of Rs 2,996 crore in July, which is a 26.3% decline year-on-year, compared to Rs 4,067 crore in the same month last year. The group single premium saw a drop of 69% year-on-year, falling to Rs 638 crore in July from Rs 2,057 crore in the same month last year.

HDFC Life Insurance Co. demonstrated solid performance with a significant increase in premiums, at Rs 2,699 crore, an increase of 33.8% year-on-year. This compares to Rs 2,017 crore in the same month last year.

The insurer saw its individual non-single premium rise by 61% year-on-year in July, reaching Rs 1,038 crore, compared to Rs 645 crore in the same month last year.

The insurer's number of policies and schemes grew by nearly 25% year-on-year at 3,61,634 in July, against 2,89,689 in the same month last year.

ICICI Prudential Life Insurance's premiums rose 7.3% year-on-year to Rs 1,760 crore. The insurer's individual non-single premium increased 42% year-on-year in July, reaching Rs 663 crore compared to Rs 467 crore in the same month last year.

Bajaj Allianz General Insurance Co.'s total premium rose 60.5% year-on-year to Rs 1,196 crore.

Its group single premium rose by nearly 102% year-on-year in July, reaching Rs 446 crore, compared to Rs 221 crore in the same month last year.