LIC’s First Year Premiums Drop, Private Players See Growth; Check Details

Life Insurance Corporation’s (LIC) first-year premium declined by 16.25 per cent to Rs 1,47,405.59 crore up to 31st December 2023, compared to Rs 1,76,001.77 crore up to 31st December 2022, according to the first-year premium of life insurers’ statement. The life insurer’s overall life insurance premium fell by 7.03 per cent to Rs 2,50,271.76 crore in December 2023, compared to Rs 2,69,190.61 crore in the same period last year. 

As of December 31, 2023, the first-year premium for private insurance players increased by 10.38 per cent to Rs 1,02,866.16 crore compared to Rs 93,188.83 crore in the previous year. 

Here's a look at the life insurance firms' first-year premiums up to 31 December 2023:

Aditya Birla Sun Life: The first-year premium increased by 0.62 per cent to Rs 5276.10 crore, compared to Rs 5243.41 crore in December 2022. The individual single premium fell by 21.54 per cent year-on-year. 

Aegon Life: For this company, the first-year premium increased by 1673.52 per cent to Rs 68.15 crore in December 2023. The individual single premium dropped by 0.27 per cent to Rs 0.05 crore in December 2023. 

Ageas Federal Life: The first-year premium of the company increased by 24.62 per cent to Rs 759.69 crore in December 2023, as compared to Rs 609.61 crore in December 2022. The individual single premium grew by 13.06 per cent to Rs 167.88 crore in December 2023. 

Aviva Life: The first-year premium of the company increased by 29.30 per cent to Rs 253.48 crore in December 2023 as against Rs 196.04 crore in the previous year. The individual single premium increased by 58.90 per cent to Rs 253.48 crore in December 2023, compared to Rs 196.04 crore in the previous year. 

Bajaj Allianz Life: The first-year premium of the company rose by 1.31 per cent to Rs 7538.66 crore in December 2023, compared to Rs 7440.95 crore in December 2022. Its individual single premium increased by 4.57 per cent to Rs 434.81 crore in December 2023, versus Rs 415.81 crore in the previous year. 

Bharti Axa Life: The company's first-year premium fell by 17.54 per cent to Rs 549.88 crore in December 2023, as against Rs 666.87 crore in December 2022. The individual single premium fell by 42.99 per cent to Rs 11.52 crore in December 2023. 

Canara HSBC Life: The first-year premium of the company fell by 27.39 per cent to Rs 2013.88 crore in December 2023, compared to Rs 2773.59 crore in December 2022. 

Edelweiss Tokio Life: The company's first-year premium increased by 11.80 per cent to Rs 336.51 crore in December 2023, compared to Rs 301.01 crore in December 2022. The individual single premium increased by 155.51 crore to Rs 34.28 crore in December 2023.