New biz premium of life insurers grows 14% to ₹35,020 crore in Sep

Life insurers recorded a 14 percent rise in underwriting new business with a premium collection of ₹35,020 crore in September.

New business premiums stood at ₹30,716 crore in the same month a year ago.

The new business premium collection in the first half of FY25 rose 19 percent to ₹1,89,214 crore from ₹1,58,377 crore in the same period last year, as per the monthly data released by the industry body Life Insurance Council.

Driven by a strong demand for enhanced insurance protection from individual consumers, new policy issuances too increased by 45.49 percent on a year-on-year basis in the month, resulting in the addition of new 32,17,880 policies vis-à-vis 22,11,680 policies in the year-ago period, it said.

According to data released by the Life Insurance Council, the life insurance industry saw individual single premiums growing 13 percent to close at ₹5,142 crore for September while year-to-date growth stood at 14.99 percent.

Meanwhile, Life Insurance Corporation (LIC) collected a new premium of ₹20,369 crore as against ₹18,126 crore in September 2023, recording a growth of 25 percent.

However, the private sector grew 12 percent to ₹73,664 crore as against ₹65,734 crore garnered in the same month a year ago.

The life insurance industry in India has been making significant strides by expanding access to insurance and making an effort to reach out to areas and segments of the country's population that were previously underserved when it comes to their insurance needs, it said.