Life Insurers' September Revenue Falls As LIC Continues To Drag

India's life insurers saw a decline in revenue growth in September as compared with the previous year.

Life Insurance Corp. reported a 27% decline in new business premiums, even as private insurers reported growth.

The industry's new business premium fell 16% to Rs 30,716 crore in September, according to provisional data released by the Life Insurance Council on Monday. The decline occurred despite a 10% rise in the total number of policies sold. Sequentially, the absolute revenue rose by 15%.

On an annualised premium equivalent basis, it was 3% higher than September last year, bringing the single lump-sum premium received at par with the non-single or regular premium received over a period of time. And the retail-weighted received premium was 10% higher than last year.

SBI Life Insurance Co. reported the highest revenue among private listed players and the maximum year-on-year growth in new business premium and retail weighted-received premium in September.

• The new business premium of private insurers was Rs 12,590 crore in September, which is 11% higher year-on-year and 0.75% higher sequentially.

• The APE was up 11% year-on-year.

• The retail-weighted received premium was 12% higher than last year.

• LIC's revenue was Rs 18,126 crore in September.

• The new business premium fell 27% over September last year but rose 27% over August.

• The APE fell 7% year-on-year.

• However, retail WRP rose 5% over the same period last year.

• Revenue from the merged HDFC Life (with Exide Life Insurance Co.) was up 8% to Rs 2,447 crore as compared with the same period last year. Sequentially, it fell 9%.

• On an APE basis, it rose 8% over last September.

• Retail WRP was 13% higher year-on-year.

• The company reported the highest revenue among its listed peers in September.

• SBI Life's new business premium rose 16% to Rs 2,860 crore in September and fell 8% sequentially.

• On an overall weighted average basis, it rose 27% over last September.

• Retail WRP was up 16% over September 2022—the highest among listed private peers.

• The new business premium in September stood at Rs 1,376 crore, a 2% decline year-on-year but a 2% rise over last month.

• On a weighted average basis, it fell 6% over last year.

• The retail WRP reported a 5% decline over September 2022.