According to data from the Insurance Regulatory and Development Authority of India (Irdai), Life Insurance Corporation’s (LIC) first-year premium declined four per cent to Rs 2,22,522 crore against Rs 2,31,899.17 crore in the previous financial year. This decline was seen across several segments such as individual single premium, individual non-single premium, group single premium, and group non-single premium. The 25 private insurers experienced a 12.11 per cent increase in first-year premiums at Rs 1,55,437 crore as against Rs 1,38,643 crore. The most substantial growth, at 22 per cent, was seen in group single premiums, at Rs 53,719 crore (Rs 43,748 crore). The private life insurance sector holds a market share of 41.13 per cent, while LIC has 56.87 per cent. The total sum assured in the life insurance industry grew by 21.55 per cent to Rs 88,48,606 crore (Rs 72,80,103 crore).
Here's a look at the life insurance firms' first-year premiums up to 31st March 2024:
Aditya Birla Sunlife: The first-year premium increased by 14.58 per cent to Rs 1410.35 crore, compared to Rs 7672.22 crore in March 2023. The individual single premium rose by 61.61 per cent year-on-year.
Aegon Life: For this company, the first-year premium increased by 233.79 per cent to Rs 16.37 crore in March 2024. The individual single premium dropped by 4951.51 per cent to Rs 0.21 crore in March 2024.
Ageas Federal Life: The first-year premium of the company increased by 29.41 per cent to Rs 168.93 crore in March 2024, as compared to Rs 130.54 crore in March 2023. The individual single premium grew by 86.33 per cent to Rs 36.99 crore in March 2024.
Aviva Life: The first-year premium of the company dropped by 28.49 per cent to Rs 64.50 crore in March 2024 as against Rs 90.19 crore in the previous year. The individual single premium fell by 21.21 per cent to Rs 1.86 crore in March 2024, compared to Rs 2.37 crore in the previous year.
Bajaj Allianz Life: The first-year premium of the company rose by 16.52 per cent to Rs 1953.08 crore in March 2024, compared to Rs 1676.15 crore in March 2023. Its single premium increased by 3.61 per cent to Rs 63.14 crore in March 2024, versus Rs 60.93 crore in the previous year.
Bharti Axa Life: The company's first-year premium fell by 32.86 per cent to Rs 122.71 crore in March 2024, as against Rs 182.77 crore in March 2023. The individual single premium fell by 80.45 per cent to Rs 1.71 crore in March 2023.
Canara HSBC Life: The first-year premium of the company fell by 12.17 per cent to Rs 404.96 crore in March 2024, compared to Rs 461.08 crore in March 2023.
