NOVEMBER 2024 NARRATIVE BELONGED TO PRIVATE INSURERS
If October saw the private insurers do better than LIC in terms of NBP growth and growth in number of policies sold; then November 2024 saw the trend getting accentuated. Once again, it was the private insurers doing much better; both in terms of new business premium (NBP) growth and in number of policies sold. In fact, LIC saw its number of policies sold falling by over 40% in November 2024, compared to the year-ago period. In the first 6 months of FY25, it was LIC that had dominated the growth in NBP and the number of policies. With the tide turning in favour of private insurers, the YTD growth in NBP of LIC and the private insurer is now almost at par. In terms of number of policies sold, private insurers are already well ahead of LIC in terms of yoy growth. Among private insurers; while the Big-3 names (SBI, HDFC and Pru ICICI) dominate the NBP growth, there are at least 4-5 other players who are emerging as serious players in private life insurance business.
PRIVATE INSURERS AGAIN DOMINATE NBP GROWTH IN NOV-24
The table below captures the performance of LIC, private insurers and the overall insurance sector for November 2024 and for the first 8 months of FY25.
PARTICULARS | NBP (Nov-2024) |
NBP (Nov-2023) |
Growth YOY (%) Nov-24 / Nov-23 |
Growth YOY (%) FY25 / FY24 |
Individual Single Premium | 3,669.44 | 3,322.48 | 10.44% | 13.70% |
Individual Non Single Premium | 8,153.00 | 7,658.32 | 6.46% | 16.63% |
Group Single Premium | 10,806.88 | 14,735.49 | -26.66% | 15.22% |
Group Non Single Premium | 188.79 | 126.91 | 48.76% | -7.86% |
Group Yearly Renewable Premium | 2,488.45 | 651.64 | 281.87% | 30.25% |
Grand Total Premium Flows | 25,306.56 | 26,494.83 | -4.48% | 15.67% |
PRIVATE INSURANCE COMPANIES | ||||
Individual Single Premium | 1,662.35 | 1,395.10 | 19.16% | 9.85% |
Individual Non Single Premium | 6,138.21 | 5,322.61 | 15.32% | 21.56% |
Group Single Premium | 3,261.61 | 3,085.95 | 5.69% | 6.07% |
Group Non Single Premium | 126.34 | 4.61 | 2640.56% | 121.01% |
Group Yearly Renewable Premium | 2,366.93 | 552.01 | 328.78% | 30.78% |
Private Insurer Premium Flows | 13,555.45 | 10,360.29 | 30.84% | 15.09% |
LIC OF INDIA | ||||
Individual Single Premium | 2,007.09 | 1,927.38 | 4.14% | 16.82% |
Individual Non Single Premium | 2,014.78 | 2,335.71 | -13.74% | 6.52% |
Group Single Premium | 7,545.27 | 11,649.54 | -35.23% | 18.48% |
Group Non Single Premium | 62.45 | 122.30 | -48.94% | -13.30% |
Group Yearly Renewable Premium | 121.52 | 99.63 | 21.97% | 27.89% |
LIC Premium Flows | 11,751.11 | 16,134.55 | -27.17% | 16.08% |
Data Source: Life Insurance Council (New Business Premiums – NBP figures are ₹ in Crore)
There are 2 quick takeaways from the NBP data for October 2024 and for FY25 till date.
Private insurers have improved their share of NBP in November 2024; compared to previous months, largely at the cost of LIC.
LIC GROWTH IN NUMBER OF POLICIES PLUMMETS
In November 2024, the number policies sold by LIC fell over 40% yoy, even as private players saw their policy sales witness robust growth.
PARTICULARS | Policies (Nov-2024) |
Policies (Nov-2023) |
Growth YOY (%) Nov-24 / Nov-23 |
Growth YOY (%) FY25 / FY24 |
Individual Single Premium | 92,107 | 82,065 | 12.24% | 13.75% |
Individual Non Single Premium | 13,90,870 | 19,57,540 | -28.95% | 0.61% |
Group Single Premium | 197 | 203 | -2.96% | 38.74% |
Group Non Single Premium | 385 | 294 | 30.95% | 19.10% |
Group Yearly Renewable Premium | 3,128 | 3,218 | -2.80% | -1.83% |
Grand Total No. of Policies | 14,86,687 | 20,43,320 | -27.24% | 1.21% |
PRIVATE INSURANCE COMPANIES | ||||
Individual Single Premium | 27,359 | 17,101 | 59.98% | 22.47% |
Individual Non Single Premium | 6,47,152 | 6,43,176 | 0.62% | 9.66% |
Group Single Premium | 197 | 151 | 30.46% | 46.74% |
Group Non Single Premium | 37 | 8 | 362.50% | 130.77% |
Group Yearly Renewable Premium | 483 | 414 | 16.67% | 5.80% |
Private Insurer No. of Policies | 6,75,228 | 6,60,850 | 2.18% | 10.07% |
LIC OF INDIA | ||||
Individual Single Premium | 64,748 | 64,964 | -0.33% | 11.30% |
Individual Non Single Premium | 7,43,718 | 13,14,364 | -43.42% | -3.63% |
Group Single Premium | 0 | 52 | -100.00% | 4.91% |
Group Non Single Premium | 348 | 286 | 21.68% | 16.91% |
Group Yearly Renewable Premium | 2,645 | 2,804 | -5.67% | -3.46% |
LIC No. of Policies | 8,11,459 | 13,82,470 | -41.30% | -2.84% |
Data Source: Life Insurance Council (Number of Policies are absolute figures)
Here are some quick takeaways from the data points on insurance for November 2024 in terms of number of policies sold.
Let us now turn to how the 5 largest private life insurers saw NBP growth adding up in the month of November 2024.
NBP TRENDS: KEY PRIVATE LIFE INSURERS BUILD HEFT IN NOVEMBER 2024?
In the month of November 2024, private insurers saw 30.8% growth in new business premium (NBP). Here are the big 5 private insurers in terms of NBP in November.
ICICI PRUDENTIAL LIFE INSURANCE | Nov-24 NBP (₹ in Crore) |
Nov-23 NBP (₹ in Crore) |
YOY Growth (in %) |
Individual Single Premium | 134.00 | 118.65 | 12.94% |
Individual Non Single Premium | 560.91 | 436.59 | 28.48% |
Group Single Premium | 450.04 | 508.55 | -11.51% |
Group Non Single Premium | 0.00 | 0.00 | N.A. |
Group Yearly Renewable Premium | 2,076.61 | 227.16 | 814.16% |
Total | 3,221.56 | 1,290.95 | 149.55% |
Data Source: Life Insurance Council
With NBP of ₹3,221.56 Crore in November 2024, ICICI Pru Life Insurance saw 149.55% yoy growth in NBP collections. The stellar growth of 814.16% came from Yearly Renewable premium policies; followed by individual non-single premium policy NBP growing at 28.48%. Let us turn to SBI Life Insurance.
SBI LIFE INSURANCE COMPANY | Nov-24 NBP (₹ in Crore) |
Nov-23 NBP (₹ in Crore) |
YOY Growth (in %) |
Individual Single Premium | 587.80 | 557.92 | 5.36% |
Individual Non Single Premium | 1,467.13 | 1,350.18 | 8.66% |
Group Single Premium | 445.09 | 419.30 | 6.15% |
Group Non Single Premium | 0.56 | 1.65 | -66.06% |
Group Yearly Renewable Premium | 74.61 | 52.68 | 41.63% |
Total | 2,575.18 | 2,381.73 | 8.12% |
Data Source: Life Insurance Council
With NBP of ₹2,575.18 Crore in November 2024, SBI Life Insurance saw 8.12% growth in new business premium yoy. The positive growth of 41.63% came from group yearly renewable premium, followed by individual non-single premium growing at 8.66%. Let us turn to HDFC Life Insurance.
HDFC LIFE INSURANCE COMPANY | Nov-24 NBP (₹ in Crore) |
Nov-23 NBP (₹ in Crore) |
YOY Growth (in %) |
Individual Single Premium | 270.47 | 290.67 | -6.95% |
Individual Non Single Premium | 864.68 | 839.42 | 3.01% |
Group Single Premium | 1,296.16 | 1,000.15 | 29.60% |
Group Non Single Premium | 0.00 | 0.00 | N.A. |
Group Yearly Renewable Premium | 10.43 | 29.50 | -64.64% |
Total | 2,441.74 | 2,159.73 | 13.06% |
Data Source: Life Insurance Council
With NBP of ₹2,441.74 Crore in November 2024, HDFC Life Insurance has seen healthy 13.06% growth in new business premium yoy. The significant growth of 29.6% came from group single premium policies Group yearly renewable premium policies and individual single premium policies saw NBP contraction in November 2024. Let us shift focus to Max Life Insurance Company.
MAX LIFE INSURANCE COMPANY | Nov-24 NBP (₹ in Crore) |
Nov-23 NBP (₹ in Crore) |
YOY Growth (in %) |
Individual Single Premium | 186.77 | 153.47 | 21.70% |
Individual Non Single Premium | 594.24 | 475.89 | 24.87% |
Group Single Premium | 114.99 | 112.87 | 1.88% |
Group Non Single Premium | 0.00 | 0.00 | N.A. |
Group Yearly Renewable Premium | 9.42 | 6.53 | 44.26% |
Total | 905.42 | 748.76 | 20.92% |
Data Source: Life Insurance Council
With NBP of ₹905.42 Crore in November 2024, Max Life Insurance has seen robust 20.92% growth in new business premium yoy. Group yearly renewable premium at 44.26% and Individual non-single premium at 24.87% led the growth. Let us finally turn to Bajaj Allianz Life Insurance.
BAJAJ ALLIANZ LIFE INSURANCE | Nov-24 NBP (₹ in Crore) |
Nov-23 NBP (₹ in Crore) |
YOY Growth (in %) |
Individual Single Premium | 31.73 | 38.67 | -17.95% |
Individual Non Single Premium | 407.95 | 467.75 | -12.78% |
Group Single Premium | 193.90 | 183.66 | 5.58% |
Group Non Single Premium | 0.00 | 0.00 | N.A. |
Group Yearly Renewable Premium | 25.77 | 48.21 | -46.55% |
Total | 659.35 | 738.29 | -10.69% |
Data Source: Life Insurance Council
With NBP of ₹905.42 Crore in November 2024, Bajaj Allianz Life NBP contracted -10.7% yoy. Only group single premium saw positive growth at 5.58%, while the other categories of life insurance saw contraction in new business premiums (NBP) on a yoy basis.
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