INSURANCE
Life insurers report 8% fall in new business premiums in January
Feb-10-2025

Life Insurance Council in its latest data (Provisional) has showed that life insurers posted 8.15% year-on-year (Y-o-Y) fall in new business premiums (NBP) in the month of January 2025 at Rs 30825.17 crore as compared to Rs 33559.75 crore in the year-ago period. Out of which, the private insurers’ premium decreased by 0.73% Y-o-Y to Rs 14532.50 crore in January 2025 from Rs 14638.98 crore. On the other hand, Life Insurance Corporation Of India’s (LIC) premium decreased 13.89% to Rs 16292.67 crore in January 2025 from Rs 18920.77 crore in January 2024. In the period up to January 2025, premium of life insurance companies was up by 7.78% to Rs 305912.09 crore in January 2025 from Rs 283833.52 crore in same period previous year.

Of the total premium collected by life insurance companies in the month of January 2025, individual single premium stood at Rs 4127.67 crore as against Rs 3550.25 crore in 2024, i.e. up by 16.26%. Individual Non-Single premium rose 10.52% to Rs 10632.32 crore in January 2025 as compared to Rs 9620.40 crore in January 2024, Group Single Premium stood at Rs 14823.41 crore in January 2025. Group Non-Single Premium stood at Rs 99.59 crore in January 2025 and Group Yearly Renewable Premium increased to Rs 1142.17 crore in January 2025. 

Among the private insurance companies, HDFC Life Insurance Company reported 25.47% Y-o-Y (Year-on-Year) growth in premium to Rs 3011.44 crore in January 2025, ICICI Prudential Life Insurance posted 13.61% Y-o-Y growth to Rs 1777.53 crore in January 2025, AXIS Max Life Insurance reported 8.81% growth in premiums to Rs 996.40 crore in January 2025. However, SBI Life Insurance Company’s premium stood at Rs 3275.26 crore in January 2025, down 37.24% over January 2024 and Bajaj Allianz Life Insurance reported 6.87% fall in premiums to Rs 885.54 crore in January 2025. 

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