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State-owned Life Insurance Corporation of India (LIC) reported strong growth across all premium categories, recording 46.35 per cent year-to-date/ytd (April 1 to May-end 2024) growth in premium against collective 12.62 per cent growth for all 26 private sector life insurers, per Life Insurance Council data.
The life insurance behemoth’s premium collections across categories—individual (single and non-single) premium and group (single and non-single premium) and group yearly renewable premium—rose to ₹29,074.03 crore in the reporting period (April 1 to May-end 2024) against ₹19,866.39 crore in the year ago period.
In the case of the 26 private sector life insurers, premium collections across categories rose to ₹18,218.98 crore (₹16176.72 crore).
The private sector life insurers which reported above their segment’s average 12.62 per cent growth were – Ageas Federal Life (72.07 per cent), PNB Metlife (39.67 per cent), Edelweiss Tokio Life (34.67 per cent), ICICI Prudential Life (30.72 per cent), Max Life (30.24 per cent), Pramerica Life Insurance (19.25 per cent), Bajaj Allianz Life (14.83 per cent), Tata AIA Life Insurance (12.81 per cent), according to the Council data. Bandhan Life Insurance reported a 258.98 per cent growth in YTD premium on a low base.
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