What is Azure Active Directory Premium?

Microsoft offers paid licenses to Azure Active Directory the has additional capabilities.  
Currently the there are three different editions Basic, Azure Active Directory Premium P1, and Azure Active Directory Premium P2.

Azure Active Directory Premium P1 – Includes additional identity and access management 
This edition includes identity identity protection and security in the cloud.  It supports advanced administration and delegation resources like dynamic groups and self-service group management, Cloud System Manager for Azure has similar group features include in our app

Azure Active Directory Premium P2 - Includes all the feature in Azure AD Premium P1 as well as Identity Protection and Privileged Identity Management. According to Microsoft’s description “Azure Active Directory Identity Protection leverages billions of signals to provide risk-based conditional access to your applications and critical company data.”

Read Microsoft Azure Active Directory Premium official description