MUMBAI: The life insurance industry recorded a new business premium of Rs 89,726 crore for the quarter ended June 2024, an increase of 23% over the corresponding quarter in the previous year.
The increase in premium was driven by LIC, which grew 28% with a new business premium of Rs 57,440 crore and accounts for nearly 64% of the industry’s new business premium.
Among large private companies, the highest growth was recorded by Aditya Birla Sun Life and ICICI Prudential Life Insurance, which grew 38.7% and 23.5%, respectively. HDFC Life recorded a 9% growth. Last fiscal, private life insurers had a subdued first quarter because many sales got bunched up in March 2023 because of a new tax on high-value policies with premiums over Rs 5 lakh from FY24.
The increase in premium was driven by LIC, which grew 28% with a new business premium of Rs 57,440 crore and accounts for nearly 64% of the industry’s new business premium.
Among large private companies, the highest growth was recorded by Aditya Birla Sun Life and ICICI Prudential Life Insurance, which grew 38.7% and 23.5%, respectively. HDFC Life recorded a 9% growth. Last fiscal, private life insurers had a subdued first quarter because many sales got bunched up in March 2023 because of a new tax on high-value policies with premiums over Rs 5 lakh from FY24.
