Life Insurers' First-Year Premiums Drop 10% As Of October 2023: LIC Slips 22.71%; Private Players See 15.16% Growth

Life insurers' first-year premiums fell by 10.49 per cent to Rs 1,85,195.81 crore in October 2023, compared with Rs 2,06,893.52 crore in 2022, according to Irdai.
Life Insurance, Life Insurance Corporation
Life Insurance, Life Insurance Corporation

Life Insurance Corporation's (LIC) first-year premium declined by 22.71 per cent to Rs 1,08,289.77 crore in 2023, compared to Rs 1,40,111.20 crore in 2022, according to life insurers' new business statement for October 31, 2023. The life insurers' overall first-year premium fell by 10.49 per cent to Rs 1,85,195.81 crore in October 2023, compared with Rs 2,06,893.52 crore in 2022.

As of October 31, 2023, the first-year premium for private insurance players increased by 15.16 per cent to Rs 76,906.05 crore in October 2023, compared to Rs 66,782.31 crore in October 2022.

Here's a look at the life insurance firms' first-year premiums for October 2023:

Aditya Birla Sun Life: The first-year premium increased by 2.42 per cent to Rs 4,004.96 crore, compared to Rs 3,910.36 crore in October 2022. The individual single premium rose fell by 23.5 per cent year-on-year.

Acko Life Insurance: The company's first-year premium increased by 5.39 per cent year-on-year.

Aegon Life: For this company, the first-year premium increased by 1,783.50 per cent to Rs 42.59 crore from Rs 2.26 crore in October 2022. The individual single premium fell by 57.36 per cent to Rs 0.02 in October 2023 from Rs 0.05 in October 2022.

Ageas Federal Life: The first-year premium of the company increased by 29.32 per cent to Rs 558.36 crore, from Rs 431.77 crore in October 2022. The individual single premium grew by 26.35 per cent to Rs 126.33 crore in October 2023 from Rs 97.87 crore in October 2022.

Aviva Life: The first-year premium of the company increased by 48.58 per cent to Rs 202.57 crore from Rs 136.34 crore in October 2022. The individual single premium increased by 56.63 per cent to Rs 12.40 crore from Rs 7.92 crore in October 2022.

Bajaj Allianz Life: The first-year premium of the company rose by 1.62 per cent to Rs 5,838.85 crore, compared to Rs 5,745.69 crore in October 2022. The individual single premium increased by 14.89 per cent to Rs 347.78 crore, compared to Rs 302.70 crore in 2022.

Bharti Axa Life: The company's first-year premium fell by 12.75 per cent to Rs 4,31.19 crore, compared to Rs 431.19 crore in October 2022. The individual single premium declined by 40.97 per cent to Rs 9.34 crore, compared to Rs 15.83 crore in October 2022.

Canara HSBC OBC Life: The first-year premium of the company rose by 15.03 per cent to Rs 1,607.65 crore, compared to Rs 1,397.60 crore in October 2022. The individual single premium dropped by 49.33 per cent to Rs 67.60 crore, compared to Rs 133.40 crore in October 2022.

CreditAccess Life: The company's first-year premium increased by 0.02 per cent.

Edelweiss Tokio Life: The company's first-year premium increased by 13.22 per cent from Rs 249.34 crore to Rs 220.24 crore in October 2022. The individual single premium increased by 204.57 per cent to Rs 32.72 crore, compared to Rs 10.74 crore in October 2022.

Exide Life: The company's first-year premium dropped by 100 per cent, while individual single premiums also fell by 100 per cent.

Future Generali Life: The first-year premium of the company dropped by 42.25 per cent to Rs 207.67 crore from Rs 359.62 crore in 2022. The individual single premium declined by 25.08 per cent to Rs 3.39 crore from Rs 4.52 crore.

HDFC Life: The first-year premium of the company increased by 18.27 per cent to Rs 1,5341.70 crore, as compared to Rs 1,2972.24 crore.

ICICI Prudential Life: The first-year premium of the company increased by two per cent to Rs 8,739.05 crore, compared to Rs 8,567.57 crore in October 2022.

India First Life: The company's first-year premium increased by 37.95 per cent to Rs 2,041.12 crore, compared to Rs 1479.65 crore in October 2022. The individual single premium increased by 1321.17 per cent to Rs 466.88 crore from Rs 32.85 crore in October 2022.

Kotak Mahindra Life: The first-year premium of the company increased by 9.42 per cent to Rs 3,753.87 crore, compared to Rs 3,430.64 crore in October 2022. The individual single premium declined by 10.66 per cent to Rs 574.12 crore, compared to Rs 642.65 crore in October 2022.

Max Life: The first-year premium of the company increased by 27.87 per cent to Rs 5,004.10 crore, compared to Rs 3,913.47 crore in October 2022. The individual single premium increased by 1.10 per cent to Rs 1,157.03 crore, compared to Rs 1,144.45 crore in October 2022.

PNB Met Life: The company's first-year premium increased by 6.86 per cent to Rs 1,614.62 crore, as compared to Rs 1,510.90 crore in October 2022. The individual single premium declined by 34.06 per cent to Rs 43.18 crore, compared to Rs 65.47 crore in October 2022.

Pramerica Life: The first-year premium of the company increased by 89.83 per cent to Rs 574.10 crore, compared to Rs 302.43 crore in October 2022. The individual single premium declined by 76.32 per cent to Rs 0.82 crore, compared to Rs 3.48 crore in October 2022.

Reliance Nippon Life: The first-year premium of the company increased by 9.66 per cent to Rs 614.93 crore, as compared to Rs 560.76 crore in October 2022. The individual single premium rose by 21.15 per cent to Rs 20.94 crore, compared to Rs 17.28 crore in October 2022.

SBI Life: The first-year premium of the company increased by 26.30 per cent to Rs 19,011.42 crore, compared to Rs 15,052.89 crore in October 2022. The individual single premium rose by 26.94 per cent to Rs 4,004.31 crore, compared to Rs 3,154.41 crore in October 2022.

Shriram Life: The first-year premium of the company increased by 77.67 per cent to Rs 985.71 crore, compared to Rs 554.81 crore in October 2022. The individual single premium rose by 41.61 per cent to Rs 32.21 crore, compared to Rs 22.74 crore in October 2022.

Star Union Dai-ichi Life: The company's first-year premium declined by 4.30 per cent to Rs 1,709.21 crore, compared to Rs 1785.99 crore in October 2022. The individual single premium dropped by 39.32 per cent to Rs 39.95 crore, compared to Rs 65.84 crore in October 2022.

Tata AIA Life: The first-year premium of the company increased by 20.08 per cent to Rs 4,223.62 crore, compared to Rs 3,517.23 crore in October 2022. The individual single premium rose by 26.00 per cent to Rs 539.06 crore, compared to Rs 427.81 crore in October 2022.

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