First-year premium of life insurance companies posted nearly 23% year-on-year (Y-o-Y) growth in the April-June period of the current financial year (FY25).
According to IRDAI’s monthly report data, the life insurance companies new business premium (NBP) increased by 22.91% Y-o-Y basis to Rs 89,726.7 crore in Q1 FY25 compared to Rs 73,004.87 crore in Q1 FY24, showing healthy double-digit growth among the public and private sector insurers.
In June 2024, the life insurance sector premium income increased by 14.8% Y-o-Y to Rs 42,434 crore.
According to the data stated, premium collections surged from Rs 36,961 crore in June 2023 to Rs 42,433 crore in June 2024. New policy issuances also grew by 12.13% YoY, with 21,79,282 policies issued compared to 19,43,529 in June 2023.
Individual single premiums grew by 5.94% YoY to Rs 3,823 crore, while individual non-single premiums increased by 19.61% YoY to Rs 8,310 crore.
Group single premiums rose by 13.49%, with collections at Rs 28,711 crore. Overall, the Group policy category saw a 14.75% YoY growth in premiums and a 6.73% increase in new policy issuances.
Life Insurance Corporation of India (LIC) posted 13.6% Y-o-Y growth to Rs 28,366.9 crore, whereas private life insurers clocked 17% Y-o-Y growth in premium to Rs 14,066.8 crore.
LIC clocked 28.11% growth to Rs 57,440.9 crore in the three-month period ended June 30, 2024, aided by growth in group premium. LIC saw a 33.49% rise in Group Single premium to Rs 44,671.86 crore in the April-June quarter of FY25.
On the other hand, private life insurers clocked a 14.62% Y-o-Y increase in premiums to Rs 32,285.8 crore from Rs 28,167.66 crore, driven by healthy growth in the individual segment.
SBI Life Insurance, the largest private sector life insurer, posted 13% growth in premium to Rs 7,032.69 crore over last year, whereas ICICI Prudential Life Insurance recorded 23.5% growth in premium to Rs 3,768.55 crore.
Other major players saw a rise in Q1 premiums, including HDFC Life, Bajaj Allianz Life Insurance, and Max Life Insurance, posted 9.19%, 17.78%, and 11.87% growth, respectively.
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