State-owned Life Insurance Corp (LIC) saw a 26.41% YoY increase in the total premium collected for the month of March 2024 to Rs 36,300.62 crore from Rs 28,716.23 crore, followed by SBI Life Insurance Company with 24.76%, ICICI Prudential Life Insurance Company at 12.58%, whereas HDFC Life Insurance Company is the only insurer with a negative growth of 20.05%.
| Source: Life Insurance Council |
|
|
|
| Name of the insurers |
Mar-24
|
Mar-23
|
% Change |
| LIC |
36,300.62
|
28,716.23
|
26.41
|
| SBI Life Insurance Company Ltd |
4,370.81
|
3,503.48
|
24.76
|
| ICICI Prudential Life Insurance Company Ltd |
3,225.29
|
2,864.86
|
12.58
|
| HDFC Life Insurance Company Ltd |
4,641.46
|
5,805.10
|
-20.05
|
| All amounts are in Rs cr; except for %. |
|
|
|
LIC’s dominance is evident in sheer volume, with no other company matching its scale in propelling the growth of the Insurance Industry in the country. As of March 2024, it commands a market share of 58.87% based on premium collections.
Private insurers also experienced a surge in premium collections in March due to a last-minute rush by customers to avail of tax exemptions before the April 1 deadline for non-linked policies.
In March 2024, LIC’s Group Yearly Renewable Premium surged by 200.62%, and Group Premium by 47.17%. For the fiscal year 2023-24, Group Yearly Renewable Premium grew by 140.51% to Rs 2,029.88 crore from Rs 843.99 crore.
Across various policy categories, LIC saw growth in March 2024: Individual policies by 1.06%, Group Yearly by 18.49%, Group Yearly Renewable by 50.77%, and Total category by 1.10%. In Fiscal 2024, the group yearly premium grew by 7.84% to 31,416 from 29,131.
According to a report published in February by AUM Capital, LIC still retains the prime choice amongst the general population in new policy generation. With a range of new NonPar policies in its pipeline, it seems confident of increasing its market share in the times to come. The brokerage recommends a “BUY” rating with a target price of Rs 1,467 in the next 9-12 months, implying a rise of 41%.
Last month PSU insurance giant Life Insurance Corporation of India (LIC) emerged as the strongest insurance brand in the world, according to the Brand Finance Insurance 100 2024 report. The report stated that LIC’s brand value remains steady at USD 9.8 billion, accompanied by a brand strength index score of 88.3 and an associated AAA brand strength rating. Besides LIC, the other Indian life insurance company to make its entry into the top 10 strongest life insurance brands is SBI Life Insurance which currently holds the 6th position.
Link: https://www.lifeinscouncil.org/industry%20information/nbp.aspx
Source: New Business Performance data by Life Insurance Council
