Right here’S How High Life Insurers Fared In August 2022

Life insurance coverage corporations reported an 18 % year-on-year (YoY) progress in new enterprise premia in August, with related rise for personal ones and Life Insurance coverage Company (LIC), the information confirmed. Throughout merchandise, Unit Linked Insurance coverage Merchandise (ULIPs) and retail safety are lagging, however different financial savings and group safety are rising effectively.

The info put out by the Life Insurance coverage Council additional confirmed that life insurer’s reported new enterprise premia (NBP) to the tune of Rs 32,856.38 crore in August. The personal sector insurers’ NBP elevated by 24 % and that of LIC rose by 15 %.

How India’s listed personal insurers fared in August:

HDFC Life Insurance coverage Co

The premium progress superior by 8.26 % month-on-month. Income was up 11 % from the earlier month.

SBI Life

The brand new enterprise premium for the month rose 20.69 % y-o-y at Rs 2,700.80 crore. The premium progress superior by 16.20 % month-on-month.

ICICI Prudential Life

The brand new enterprise premium for the interval rose 11.3 % at Rs 1,420.76 crore.

In the meantime, the overall insurance coverage premium superior by 12 % year-on-year in August, in accordance with the provisional information launched by the Normal Insurance coverage Council. The year-to-month premium was up 19 % year-on-year, the information mentioned.

How India’s three listed non-life insurers fared in August:

Whereas the August premium was 21 % up YoY, year-to-month premium was 27 % up YoY. The FY23 year-to-month market share superior by 60 bps.

The August premium was down 1.2 % YoY, whereas FY23 year-to-month premium was up 7 % YoY. The FY23 year-to-month market share was 159 bps down.

The August premium was 13 % up YoY and FY23 year-to-moth premium was 12 % up YoY. The FY23 year-to-month market share was 27 bps down.

(Edited by : Anshul)

First Printed:  IST

Supply hyperlink

Leave a Reply

Your email address will not be published.