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New business premium of life insurance companies in India increased 5.13% for the fiscal ended March to ₹3,97,336.78 crore compared to ₹3,77,960.34 crore a year earlier.
Ending a fourth month decline streak, in March the life insurers clocked a little over 2% increase in the premium to ₹61,439.11 crore (₹60,213.62 crore), the business figures released by Life Insurance Council showed.
Private life insurers fared better with 9.80% increase in the premium to ₹1,70,666.87 crore (₹1,55,437.34 crore). In March, their premium rose to ₹24,531.79 crore (₹23,913 crore).
For the fiscal market leader, the State-owned Life Insurance Corporation of India (LIC) reported a 1.86% increase in new business ₹2,26,669.91 crore (₹2,22,522.99 crore). In March, the premium rose 1.67% to ₹.36,907.33 crore (₹36,300.62 crore). LIC sold 1.78 crore new policies in the year, which saw introduction of new surrender value norms in October 2024.
The new business of LIC during the fiscal included ₹62,404.58 crore from individual new business. Individual new business premium for FY25 registered a growth of 8.35% year on year.
The Council said for the individual new business premiums of the life insurers during 2024-25 went up 11.17% to ₹1,66,590.81 crore (₹1,49,851.67 crore).
It said the “strong performance” during the fiscal is on account of the life insurers focus on encouraging first-time buyers to secure comprehensive financial protection, resulting in a 4.47% growth in combined individual premium collections for March 2025.
In the group policy segment, single premiums reached ₹33,543.21 crore, with the category registering a 0.46% growth in premiums collected during March 2025. The insurers efforts to expand access was complemented by significant agent additions —over 11,15,661 new individual life insurance agents were added in 2024-25 — leading to a 7.88% growth in the cumulative agent count.
Published – April 23, 2025 09:15 pm IST
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FY25 new business of life insurers rose 5% to ₹3.97 lakh cr.
