OCTOBER 2024 SURELY BELONGED TO THE PRIVATE INSURERS
There were just no two opinions about that. The private insurers did much better than LIC in the month of October; both in terms of new business premium (NBP) growth as well as in terms of number of policies sold. In fact, LIC saw its number of policies sold falling by almost half in October 2024, pulling down the performance of the entire sector. However, in cumulative terms, it is LIC that still dominates the private insures for the first 7 months of FY25. What has worked for the private insurers is that it is not just the Big-3 names of SBI, HDFC and Pru ICICI dominating the NBP. There are at least 4-5 other players who are emerging as serious players in the life insurance business and that is helping.
PRIVATE INSURERS HAVE UPPER HAND IN NBP GROWTH IN OCT-24
The table below captures the performance of LIC, private insurers and the overall insurance sector for October 2024 and for the first 7 months of FY25.
PARTICULARS | NBP (Oct-2024) |
NBP (Oct -2023) |
Growth YOY (%) Oct -24 / Oct -23 |
Growth YOY (%) FY25 / FY24 |
Individual Single Premium | 3,397.07 | 3,127.93 | 8.60% | 14.16% |
Individual Non Single Premium | 7,453.50 | 7,252.99 | 2.76% | 18.23% |
Group Single Premium | 18,258.37 | 15,765.88 | 15.81% | 21.15% |
Group Non Single Premium | 147.65 | 87.90 | 67.97% | -11.45% |
Group Yearly Renewable Premium | 1,091.00 | 584.29 | 86.72% | 4.72% |
Grand Total Premium Flows | 30,347.60 | 26,819.01 | 13.16% | 18.56% |
PRIVATE INSURANCE COMPANIES | ||||
Individual Single Premium | 1,661.15 | 1,387.86 | 19.69% | 8.64% |
Individual Non Single Premium | 5,476.80 | 4,895.34 | 11.88% | 22.57% |
Group Single Premium | 5,129.67 | 4,343.95 | 18.09% | 6.11% |
Group Non Single Premium | 8.42 | 22.95 | -63.31% | -21.51% |
Group Yearly Renewable Premium | 940.46 | 521.77 | 80.24% | -0.67% |
Private Insurer Premium Flows | 13,216.51 | 11,171.86 | 18.30% | 12.97% |
LIC OF INDIA | ||||
Individual Single Premium | 1,735.92 | 1,740.07 | -0.24% | 18.69% |
Individual Non Single Premium | 1,976.70 | 2,357.65 | -16.16% | 9.45% |
Group Single Premium | 13,128.70 | 11,421.94 | 14.94% | 26.72% |
Group Non Single Premium | 139.23 | 64.95 | 114.36% | -11.03% |
Group Yearly Renewable Premium | 150.54 | 62.53 | 140.75% | 28.39% |
LIC Premium Flows | 17,131.09 | 15,647.15 | 9.48% | 22.52% |
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 October 2024; compared to September and August; at the cost of LIC.
LIC GROWTH IN NUMBER OF POLICIES PLUMMETS
In October 2024, the number policies sold by LIC fell by more than half, even as private players saw their policy sales flat on yoy basis.
PARTICULARS | Policies (Oct -2024) |
Policies (Oct -2023) |
Growth YOY (%) Oct -24 / Oct -23 |
Growth YOY (%) FY25 / FY24 |
Individual Single Premium | 69,897 | 78,781 | -11.28% | 13.95% |
Individual Non Single Premium | 11,28,733 | 19,74,621 | -42.84% | 5.01% |
Group Single Premium | 210 | 214 | -1.87% | 45.90% |
Group Non Single Premium | 364 | 334 | 8.98% | 17.65% |
Group Yearly Renewable Premium | 2,010 | 2,978 | -32.51% | -1.68% |
Grand Total No. of Policies | 12,01,214 | 20,56,928 | -41.60% | 5.42% |
PRIVATE INSURANCE COMPANIES | ||||
Individual Single Premium | 23,842 | 17,730 | 34.47% | 17.97% |
Individual Non Single Premium | 6,03,754 | 6,16,754 | -2.11% | 11.05% |
Group Single Premium | 210 | 163 | 28.83% | 49.28% |
Group Non Single Premium | 21 | 9 | 133.33% | 88.64% |
Group Yearly Renewable Premium | 469 | 432 | 8.56% | 4.57% |
Private Insurer No. of Policies | 6,28,296 | 6,35,088 | -1.07% | 11.28% |
LIC OF INDIA | ||||
Individual Single Premium | 46,055 | 61,051 | -24.56% | 12.80% |
Individual Non Single Premium | 5,24,979 | 13,57,867 | -61.34% | 2.20% |
Group Single Premium | 0 | 51 | -100.00% | 30.52% |
Group Non Single Premium | 343 | 325 | 5.54% | 16.33% |
Group Yearly Renewable Premium | 1,541 | 2,546 | -39.47% | -3.08% |
LIC No. of Policies | 5,72,918 | 14,21,840 | -59.71% | 2.76% |
Data Source: Life Insurance Council (Number of Policies are absolute figures)
Here are some quick takeaways from the data points on insurance for October 2024 in terms of number of policies sold.
Let us now turn to how the 4 largest private life insurers saw NBP growth adding up in the month of October 2024.
NBP TRENDS: KEY PRIVATE LIFE INSURERS BUILD HEFT IN OCTOBER 2024?
In the month of October 2024, private insurers saw 18.3% growth in new business premium (NBP). Here are the big 4 private insurers with NBP of over ₹1,000 crore for the month.
HDFC LIFE INSURANCE COMPANY | Oct-24 NBP (₹ in Crore) |
Oct-23 NBP (₹ in Crore) |
YOY Growth (in %) |
Individual Single Premium | 260.97 | 290.36 | -10.12% |
Individual Non Single Premium | 815.42 | 664.14 | 22.78% |
Group Single Premium | 1,713.23 | 1,218.04 | 40.65% |
Group Non Single Premium | 0.00 | 0.00 | N.A. |
Group Yearly Renewable Premium | 9.53 | 15.50 | -38.52% |
Total | 2,799.15 | 2,188.04 | 27.93% |
Data Source: Life Insurance Council (Premium figures are ₹ in Crore)
With NBP of ₹2,779.15 Crore in October 2024, HDFC Life Insurance saw 27.93% yoy growth in NBP collections. The significant growth of 40.65% came from Group single premium policies; followed by individual non-single premium policy NBP growing at 22.78%. Let us turn to SBI Life Insurance.
SBI LIFE INSURANCE COMPANY | Oct-24 NBP (₹ in Crore) |
Oct-23 NBP (₹ in Crore) |
YOY Growth (in %) |
Individual Single Premium | 633.69 | 554.74 | 14.23% |
Individual Non Single Premium | 1,363.09 | 1,242.42 | 9.71% |
Group Single Premium | 596.43 | 918.15 | -35.04% |
Group Non Single Premium | 0.88 | 1.71 | -48.54% |
Group Yearly Renewable Premium | 54.29 | 36.27 | 49.68% |
Total | 2,648.38 | 2,753.29 | -3.81% |
Data Source: Life Insurance Council (Premium figures are ₹ in Crore)
With NBP of ₹2,648.38 Crore in October 2024, SBI Life Insurance saw -3.81% contraction in new business premium yoy. The positive growth of 49.68% came from group yearly renewable premium, followed by individual single premium growing at 14.23%. Let us turn to ICICI Prudential Life Insurance.
ICICI PRUDENTIAL LIFE INSURANCE | Oct-24 NBP (₹ in Crore) |
Oct-23 NBP (₹ in Crore) |
YOY Growth (in %) |
Individual Single Premium | 135.52 | 124.64 | 8.73% |
Individual Non Single Premium | 571.66 | 468.14 | 22.11% |
Group Single Premium | 508.24 | 480.69 | 5.73% |
Group Non Single Premium | 0.00 | 0.00 | N.A. |
Group Yearly Renewable Premium | 449.39 | 255.29 | 76.03% |
Total | 1,664.81 | 1,328.76 | 25.29% |
Data Source: Life Insurance Council (Premium figures are ₹ in Crore)
With NBP of ₹1,664.81 Crore in October 2024, ICICI Prudential Life Insurance has seen healthy 25.29% growth in new business premium yoy. The significant growth of 76.03% came from group yearly renewable policies followed by individual non-single premium policies at 22.11%. Let us shift focus to Bajaj Allianz Life Insurance.
BAJAJ ALLIANZ LIFE INSURANCE | Oct-24 NBP (₹ in Crore) |
Oct-23 NBP (₹ in Crore) |
YOY Growth (in %) |
Individual Single Premium | 48.35 | 37.77 | 28.01% |
Individual Non Single Premium | 483.04 | 440.66 | 9.62% |
Group Single Premium | 499.05 | 359.05 | 38.99% |
Group Non Single Premium | 0.00 | 0.00 | N.A. |
Group Yearly Renewable Premium | 18.51 | 26.09 | -29.05% |
Total | 1,048.95 | 863.56 | 21.47% |
Data Source: Life Insurance Council (Premium figures are ₹ in Crore)
With NBP of ₹1,048.95 Crore in October 2024, Bajaj Allianz Life Insurance has seen robust 21.47% growth in new business premium YoY. Group single premium at 38.99% and Individual single premium at 28.01% led the growth. NBP contraction was visible in Group Yearly Renewable Premium policies.
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