Life insurance companies reported strong growth in first-year premium in August, with total industry premium rising 33.1% year-on-year to ₹41,198 crore, according to the latest industry data.

LIC reported a 45.3% YoY increase in first-year premium to ₹23,275 crore, while private life insurers recorded a 20% rise to ₹17,922 crore.

Among private insurers, HDFC Life’s first-year premium increased 17.8% YoY to ₹3,609 crore, while SBI Life reported a 2.8% rise to ₹3,415 crore. ICICI Prudential Life’s first-year premium grew 9.9% to ₹1,953 crore, while Canara HSBC Life reported a 5.2% increase to ₹278 crore.

ICICI Prudential Life’s new business premium rose 10% YoY in August, while retail annualised premium equivalent (APE) increased 23.4%.

Bajaj Life Insurance also reported a strong performance, with new business premium rising 32% YoY to ₹1,954 crore in August.

For April-August, life insurers’ first-year premium stood at ₹1.97 lakh crore, up 20.4% from the year-ago period.

In the general insurance segment, Bajaj General Insurance reported an 11% YoY increase in gross direct premium to ₹2,291 crore in August.

Premium growth remains strong so far this fiscal

For the April-August period, life insurers’ total first-year premium stood at ₹1.97 lakh crore, up 20.4% from the year-ago period.

ICICI Prudential Life also reported a 10% increase in new business premium in August, while its retail annualised premium equivalent, or APE, rose 23.4% year-on-year.

APE is a measure insurers use to track the annualised value of premiums from new policies, giving a better sense of the underlying pace of new business than a simple premium collection figure.