INSURANCE
Life insurers report 12% fall in new business premiums in February 2025
Mar-11-2025

Life Insurance Council in its latest data (Provisional) has showed that life insurers posted 11.58% year-on-year (Y-o-Y) fall in new business premiums (NBP) in the month of February 2025 at Rs 29985.58 crore as compared to Rs 33913.18 crore in the year-ago period. Out of which, the private insurers’ premium increased by 3.24% Y-o-Y to Rs 14471.62 crore in February 2025 from Rs 14017.17 crore. On the other hand, Life Insurance Corporation Of India’s (LIC) premium decreased 22.02% to Rs 15513.95 crore in February 2025 from Rs 19896.01 crore in February 2024. In the period up to February 2025, premium of life insurance companies was up by 5.71% to Rs 335897.67 crore in February 2025 from Rs 317746.71 crore in same period previous year.

Of the total premium collected by life insurance companies in the month of February 2025, individual single premium stood at Rs 4300.94 crore as against Rs 3971.32 crore in 2024, i.e. up by 8.30%. Individual Non-Single premium declined 4.79% to Rs 8933.99 crore in February 2025 as compared to Rs 9383.16 crore in February 2024, Group Single Premium stood at Rs 15130.54 crore in February 2025. Group Non-Single Premium stood at Rs 114.01crore in February 2025 and Group Yearly Renewable Premium increased to Rs 1506.10 crore in February 2025. 

Among the private insurance companies, HDFC Life Insurance Company reported 23.51% Y-o-Y growth in premium to Rs 3213.76 crore in February 2025, ICICI Prudential Life Insurance posted 5.31% Y-o-Y (Year-on-Year) growth to Rs 1857.05 crore in February 2025, Bajaj Allianz Life Insurance reported 2.88% growth in premiums to Rs 1080.33 crore. However, SBI Life Insurance’s premium stood at Rs 2174.53 crore in February 2025, down 17.91% over February 2024. Axis Max Life Insurance reported 5.98% de-growth in premiums to Rs 1031.46 crore in February 2025. 


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