New biz premium of life insurers grows 14% to US$ 4.17 billion (Rs. 35,020 crore) in September

Life insurers recorded a 14% rise in underwriting new business, with premium collections reaching US$ 4.17 billion (Rs. 35,020 crore) in September, up from US$ 3.65 billion (Rs. 30,716 crore) in the same month last year. The new business premium collection for the first half of FY25 grew 19% to US$ 22.51 billion (Rs. 1,89,214 crore) from US$ 18.84 billion (Rs. 1,58,377 crore) in the same period last year, according to data from the Life Insurance Council. New policy issuances also saw a 45.49% YoY increase, with 32,17,880 policies issued in September, compared to 22,11,680 policies in the previous year, driven by strong demand for enhanced insurance protection from individual consumers. Individual single premiums rose by 13%, reaching US$ 611.7 million (Rs. 5,142 crore) for September, while year-to-date growth stood at 14.99%.

LIC recorded a 25% increase in new premium collections, amounting to US$ 2.42 billion (Rs. 20,369 crore) in September, up from US$ 2.16 billion (Rs. 18,126 crore) in September 2023. Meanwhile, the private sector saw a 12% rise in collections, reaching US$ 8.76 billion (Rs. 73,664 crore), compared to US$ 7.82 billion (Rs. 65,734 crore) in the same period last year. The life insurance industry in India continues to expand its reach, particularly in underserved areas and among segments of the population that have previously lacked adequate access to insurance.

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