Life insurers' new business premium up 14% YoY in September; rises 19% in H1 FY25

Life insurance companies have reported a 14% YoY growth in new business premiums (NBP) for September, supported by robust performance from the state-owned Life Insurance Corporation of India (LIC) and its private counterparts. According to data from the Life Insurance Council, the total NBP for life insurance companies reached US$ 4.17 billion (Rs. 35,020 crore) in September. Specifically, LIC’s NBP increased by 12.4% YoY to US$ 2.42 (Rs. 20,369.26 crore). In comparison, private insurers collectively recorded a 16.37% YoY growth, amounting to US$ 1.74 billion (Rs. 14,651.02 crore).

In the April-September period of FY25 (H1 FY25), life insurers achieved nearly 19.5% YoY growth in premiums, totalling US$ 22.49 billion (Rs. 1.89 trillion). During this timeframe, LIC's premiums surged by 24.7% YoY to US$ 13.68 billion (Rs. 1.15 trillion). In comparison, private insurers saw a 12% increase, reaching US$ 8.76 billion (Rs. 73,664 crore). This strong performance highlights the resilience and expanding market presence of public and private life insurance players in the Indian market.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.