New business premium for life insurers grows 18% in August, for non-life insurers gross premium up by 12%


Collective new business premium earnings for life insurance firms witnessed an over 18% year-on-year rise to Rs 32,857 crore for August from Rs 27,820.74 crore for the identical interval final 12 months, knowledge from Irdai confirmed on Wednesday.

According to the General Insurance Council’s ‘flash figures’ for August, non-life insurers’ collective gross direct premium underwritten grew practically 12% y-o-y at 24,471.93 crore in contrast with Rs 21,867.93 crore for the identical interval a 12 months in the past.

Insurance regulator Irdai’s knowledge confirmed additional that new business premium or the first-year premium of 23 personal sector life insurance firms for August 2022 grew 23.87% y-o-y at Rs 10,974.87 crore, whereas state-run LIC registered a 15.41% y-o-y progress at Rs 21,882.13 crore for the identical interval.

Also learn| Non-life insurers’ gross premium earnings grows 24% in May

Among main life insurers in the personal sector, SBI Life’s new business premium for the month rose 20.69% y-o-y at Rs 2,700.80 crore, whereas for HDFC Life Insurance, it was up by 16.80% y-o-y at Rs 2,091.33 crore. ICICI Prudential Life’s new business premium for the interval rose 11.31% at Rs 1,420.76 crore, for Bajaj Allianz Life it was up by 32.40% at Rs 669 crore and for Max Life it was down by 1.10% y-o-y at Rs 604.04 crore.

According to the figures, gross direct premium underwritten for state-run New India Assurance, the market chief in the non-life insurance house, fell by 1.25% y-o-y at Rs 2,251.27 crore for August. For United India Insurance, gross direct premium underwritten declined by 6.69% y-o-y at Rs 1,212.62 crore. National Insurance Company’s gross direct premium underwritten grew 20.95% y-o-y at Rs 1,189.37 crore in the course of the month, whereas for Oriental Insurance it rose by 0.75% y-o-y to Rs 873.95 crore.

Also learn| Life Insurers’ new business premium earnings rises 39.73% for Q1FY23

During the final month, amongst main basic insurers in the personal sector, gross direct premium underwritten for ICICI Lombard General Insurance rose 58.56% y-o-y to Rs 1672.59 crore, whereas for HDFC Ergo it was up by 54.19% y-o-y at Rs 2,068.01 crore. SBI General Insurance’s gross direct premium for the interval was up by 6.36% y-o-y at Rs 1,500.75 crore, whereas for Bajaj Allianz General Insurance it declined by 23.62% y-o-y at Rs 1,021.40 crore.

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