Life insurance companies in India have reported a robust 14% year-on-year (Y-o-Y) increase in new business premiums (NBP) for September 2024, driven by substantial growth from both the state-owned Life Insurance Corporation of India (LIC) and private insurers.
According to data released by the Life Insurance Council, the NBP for all life insurers reached ₹35,020 crore in September 2024. LIC, the country’s largest life insurer, saw its NBP rise by 12.4% Y-o-Y to ₹20,369.26 crore. Private insurers collectively posted a stronger 16.37% Y-o-Y growth, with new business premiums amounting to ₹14,651.02 crore during the same period.
H1 FY25 Performance
In the first half of FY25 (April-September), life insurers recorded an impressive 19.5% Y-o-Y growth in premiums, with the total premiums reaching ₹1.89 trillion. LIC led the growth in the sector with a 24.7% rise in premium collections, amounting to ₹1.15 trillion. Meanwhile, private insurers also contributed positively, posting a 12% Y-o-Y increase, bringing their total premium collections to ₹73,664 crore in H1 FY25.
This remarkable growth in the life insurance sector highlights increasing consumer awareness and demand for life insurance products, as well as the resilience of the sector amidst economic fluctuations.
Key Takeaways:
- Life insurers’ NBP surged by 14% Y-o-Y in September 2024, reaching ₹35,020 crore.
- LIC’s NBP rose by 12.4% Y-o-Y to ₹20,369.26 crore, while private insurers posted a 16.37% Y-o-Y increase to ₹14,651.02 crore.
- In H1 FY25, life insurance companies saw premiums grow by 19.5% Y-o-Y to ₹1.89 trillion.
- LIC’s premium growth in H1 FY25 was 24.7% Y-o-Y, with a total of ₹1.15 trillion, while private insurers reported a 12% increase, collecting ₹73,664 crore.
This growth trend reflects the sector’s strong performance and growing consumer engagement, both of which are critical as the insurance industry continues to expand in India.
