LIC Leads New Business Premium Growth In Nov As Group Single Premiums Continue To Dominate: CareEdge

CareEdge Research Report

The first-year premium of life insurers reached Rs 35,459 crore in November 2022 from Rs 27,177 crore in November 2021, exhibiting a YoY growth rate of 30.5%, versus an increase of 41.8% reported in November 2021.

The YoY growth can primarily be attributed to group single premiums and more specifically to LIC.

Meanwhile, the private players have been extending their lead in the individual non-singe premium segment. Further, growth in select smaller private companies has outpaced their larger private counterparts.

The year-to-date FY23 first-year premium numbers grew by 34.1% versus the 8.5% growth reported in the same period last year. The year-to-date FY23 growth too can be attributed to an increase in group single premiums, and a low base, which saw subdued levels due to the pandemic-induced (Covid-19 second wave) lockdowns.

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