Life insurers new business rose almost 13% in May to ₹30,463.21 cr.
The Hindu
Life insurance companies in India saw a 12.68% increase in new business premium to ₹30,463.21 crore in May.
New business premium of life insurance companies in India increased 12.68% to ₹30,463.21 crore in May compared with ₹27,034.15 crore a year earlier.
For two months of the fiscal, ended May, the premium rose 10.86% to ₹52,427.40 crore (₹47,293.01 crore), the latest performance numbers released by the Life Insurance Council showed.
Market leader, the State-owned Life Insurance Corporation of India’s (LIC) new business premium for May was 10.27% higher at ₹18,405.05 crore (₹16,690.39 crore), while for the April-May period increased 10.12% to ₹32,015.68 crore (₹29,074.03 crore).
Private players fared better last month clocking an increase of 16.57% to ₹12,058.16 crore (₹10,343.75 crore), while for the first months, ended May, the premium increased 12.04% to ₹20,411.72 crore (₹18,218.98 crore).
The Council attributed “the strong performance to life insurers’ focus on encouraging first-time buyers to secure essential life insurance solutions, contributing to a 3.35% growth in combined individual premium collections for May 2025 and 2.46% growth on a year to date basis.”
Individual single premiums went up 5.21% y-o-y to ₹3,525.28 crore for May, with YTD growth at 4.89%. Individual non-single premiums came in at ₹7,086.1 crore, an increase of 2.45% in May, with YTD collections 1.28% higher than corresponding period last year.
The increase in the premium came even as number of policies/schemes sold by all the life insurers declined 10.43% year on year to 16,73,097 (18,68,097) in May. For the April-May period, the number of policies sold was 11.60% lower at 28,19,089 (31,88,967).
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