The largest insurance company, Life Insurance Corp., reported a slight increase in premiums to Rs 36,907 trillion. Among private insurance companies, HDFC Life Insurance Co. achieved its strongest performance, with premiums rising to Rs 1,943 trillion, up 23% from the previous year. Axis Max Life Insurance also showed robust growth of 17.2%, collecting Rs 592 at premiums.
ICICI Prudential Life Insurance Co. increased its 9.9% increase to 1,032 Rs. 9.9%, while Bajaj Allianz rose by 4% to 719 Rs. SBI Life Insurance Co. recorded a meagre growth of just 0.29% with a premium of Rs 1,693.
Aditya Birla Sun Life Insurance reported a sharp decline of 27% to Rs 292, while Kotak Mahindra Life reported a 7% decrease in premium to Rs 369.
The life insurance industry has shown healthy overall growth led by HDFC Life Insurance Co. and Axis Max Life Insurance, while Aditya Birla and Kotak Life have witnessed significant non-growth. LIC’s growth remained modest.
Overall, the industry maintained positive momentum led by strong performances from private players of choice, despite poor performance by others.
