
In a historic achievement, SBI Life Insurance outperformed Life Insurance Corporation of India (LIC) in the collection of regular premium policies for December 2024. This milestone marks the first time SBI Life has surpassed LIC in this segment.
Key Highlights:
- SBI Life’s Performance:
- Collected ₹3,416 crore from new individual non-single premium policies, a 16.7% increase compared to December 2023.
- Recorded 16% growth in individual annual premium equivalent (APE) despite a high base from the previous year.
- Achieved a 15% rise in premiums, totaling ₹5,307 crore in December 2024.
- Increased market share to 17.5% for the month and 9.5% for the April-December period, outpacing HDFC Life (8.2%) and ICICI Prudential Life (5.5%).
- LIC’s Decline:
- Premium collections in the individual non-single premium segment fell by 15%, totaling ₹2,628 crore, compared to ₹3,111 crore in December 2023.
- Group single premium policies witnessed a sharp 53.5% decline, falling to ₹8,191 crore from ₹17,601 crore in December 2023.
- Total new business premiums stood at ₹13,523 crore for December 2024, representing 44% of the industry’s premiums, but reflecting a sharp overall decline.
- Industry-Wide Trends:
- The life insurance industry saw a 21% decline in premiums in December 2024 compared to the same period last year.
- Private life insurers collectively reported an 11.4% rise in individual APE, while LIC experienced a 13% decline.
Market Insights:
The shift in industry dynamics reflects SBI Life’s growing strength in the individual premium segment and LIC’s challenges in retaining dominance amid regulatory adjustments and evolving market trends. Analysts remain optimistic about SBI Life’s growth trajectory, with a “buy” rating and a target price of ₹1,980.