Life insurance firms’ yearly new premium amounts rose by 21.8 percent compared to the previous year (YoY) to Rs 32,644.09 crore in August, with the surge supported by strong increases in new premium figures from the state-owned Life Insurance Corporation (LIC).
The growth in LIC’s business premium segment increased by 35.1 percent, reaching Rs 19,309 crore. For more information, please use this link to get in touch with us on WhatsApp.
The premium income for life insurance firms in the private sector increased by 6.7% to Rs 13,335 crore, fueled by an uptick in the individual non-single premium payments.
The National Bank Policy of LIC, primarily influenced by aggregate one-person policies, stands out as the leading entity in its category, securing about 78% dominance. In terms of growth, aggregate one-person policies at LIC have expanded by 46% to a total of Rs 13,599 crore in August.
SBI Life Insurance, the biggest privately owned life insurance company, saw a 13.46 percent decrease in its premium income, dropping to Rs 2703.92 crore compared to the previous year. In contrast, ICICI Prudential Life Insurance experienced a 12.3 percent rise in its premium earnings, hitting Rs 1509.12 crore.
Leading figures such as HDFC Life, Bajaj Allianz Life Insurance, and Max Life Insurance reported growth rates of 3.6 percent, 2.8 percent, and 16.7 percent, respectively.More From This SectionState imposes lower tax on helicopter travel for religious purposes: States under Uttarakhand Financial Management Office have urged for equitable distribution in the 16th Finance Commission discussionsGST Council convenes today, discussions expected to focus on reducing the tax rate; Worries over US slowdown: Exchange rate could fall due to fear; Concern over tax changes: Banks are against proposed LCR circular, fearing negative impact on lending
Between April and August of the fiscal year 2015, the net premium income of life insurance firms stood at Rs 1.54 trillion, representing a 20.8% increase compared to the previous year’s figures.
By August, LIC’s market percentage had increased to 61.7, up from 58.4 per cent in the previous year. Meanwhile, the private insurance sector’s portion of the National Business Policy had dropped to 38.2 per cent, a slight decrease from 41.6 per cent a year before.
In August 2024, the total direct premium for non-life insurance firms recorded a sluggish 4.22 percent year-over-year increase, reaching Rs 24,554.33 crore. This decline was primarily due to the slow increase in premiums from general insurance companies.
The biggest basic insurance company, New India Assurance, saw a 12.51 per cent year-over-year decrease in its premium income. Other leading basic insurance companies like ICICI Lombard and Bajaj Allianz General Insurance also experienced a mild expansion of 10.10 percent and 3.5 percent respectively. At the same time, HDFC Ergo reported a 22.7 percent decrease in premium income to Rs 1745.22 crore.
Individual health insurance firms saw a 23.54% increase in their premium income, reaching a total of Rs 3,229.12 crore. Star Health, the biggest competitor in this market, experienced growth of about 14.9%, bringing in Rs 1,400 crore in premium income.
Between April and August of the fiscal year 2025, the total premiums collected by general insurers reached a record high of Rs 1.08 trillion, marking a nearly 8 percent increase from the previous year. Meanwhile, the Special Aviation Health Insurers saw their premiums increase by a notable 24.47 percent, reaching Rs 14,829.98 crore.
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