Premiums collected by life insurance companies fell 25 percent in November 2023, compared to the same period for the previous fiscal year, according to data from the Life Insurance Council.
The premium collection for the life insurance industry in so far in FY24, has seen a decline of 12 percent on a year-on-year basis. Life insurers have managed to collect a total premium of Rs 26,494.83 crore in November and Rs 2,11,690.65 crore so far in FY24.
The country's largest life insurer, Life Insurance Corporation (LIC), reported a 33 percent fall in premium in November. Individual Annual Premium Equivalent (APE) was down nine percent YoY for LIC. LIC collected a total premium of Rs 16,134.55 crore in November 2023.
HDFC Life reported a 21 percent fall in premium in November compared with the same period a year ago. The company’s individual APE was down four percent YoY. HDFC collected a total premium of Rs 2,159.73 crore in November 2023.
SBI Life experienced a 10 percent fall in premium in November. Individual APE was down three percent YoY for the company. The company collected a total premium of Rs 2,381.73 crore in November 2023.
ICICI Prudential, however, reported a two percent rise in premium while its individual APE was down three percent YoY. ICICI Prudential collected a total premium of Rs 1,290.95 crore in November 2023.
Max Life reported a rise in premium of eight percent. The company’s individual APE also rose eight percent in the period, and it collected a total premium of Rs 748.76 crore in November 2023.
Shares of LIC were trading 6.10 percent up at Rs 791.50 at 2. 25 pm on the NSE.
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