Life Insurance Industry Reports 23% Growth in Q1 FY 2025 New Business Premiums
The Insurance Regulatory and Development Authority of India (IRDAI) data shows that the life insurance industry saw a 23% growth in new business premium collections in the first quarter of FY 2025. The industry collected new business premiums of Rs 90,000 crore in April-June 2024, compared to Rs 73,000 crore in April-June 2023.
LIC India, SBI Life, and HDFC Life are the top three players in terms of first-year premium collections. LIC India collected new business premiums of Rs 57,441 crore in April-June 2024. SBI Life Insurance and HDFC Life Insurance follow with premium collections of Rs 7,000 crore and Rs 6,540 crore, respectively.
ICICI Prudential and Bajaj Allianz rank next in terms of new business premium collections. Out of the total 25 life insurers, 20 companies saw growth in new business premiums in April-June 2024.
Following is the list of Life Insurers with Growth comparing new business premiums:
| S No. | Life Insurer | 30th June, 2023 | 31st June, 2024 | Growth | Growth in % |
| 1 | LIC of India | 44,837 | 57,441 | 12,604 | 28 |
| 2 | SBI | 6,206 | 7,033 | 827 | 13 |
| 3 | HDFC | 5,990 | 6,540 | 550 | 9 |
| 4 | ICICI Prudential | 3,051 | 3,769 | 718 | 24 |
| 5 | Bajaj Allianz | 2,157 | 2,540 | 383 | 18 |
| 6 | Aditya Birla Sun Life | 1,661 | 2,304 | 643 | 39 |
| 7 | Max Life | 1,853 | 2,073 | 220 | 12 |
| 8 | Tata AIA | 1,618 | 1,808 | 190 | 12 |
| 9 | Kotak Mahindra | 1,425 | 1,525 | 100 | 7 |
| 10 | PNB Met Life | 619 | 816 | 197 | 32 |
| 11 | Canara HSBC | 611 | 716 | 105 | 17 |
| 12 | India First | 736 | 686 | -50 | -7 |
| 13 | Star Union Dai-ichi | 675 | 577 | -98 | -15 |
| 14 | Shriram | 496 | 407 | -89 | -18 |
| 15 | Ageas Federal | 166 | 273 | 107 | 64 |
| 16 | Pramerica | 221 | 262 | 41 | 18 |
| 17 | Reliance Nippon | 266 | 260 | -6 | -2 |
| 18 | Go Digit | 0.02 | 251 | 251 | — |
| 19 | Bharti Axa | 168 | 124 | -44 | -26 |
| 20 | Future Generali | 75 | 88 | 13 | 18 |
| 21 | Edelweiss Tokio | 70 | 86 | 16 | 22 |
| 22 | Aviva | 88 | 75 | -13 | -15 |
| 23 | Bandhan | 13 | 34 | 21 | 162 |
| 24 | CreditAccess | 2 | 21 | 19 | 1024 |
| 25 | Acko | – | 18 | – | |
| Grand Total | 73,005 | 89,727 | 16,722 | 23 |
Source: Cafemutual.com
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Jul 22, 2024, 4:31 PM IST
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