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  1. Life insurers report an 8% fall in new business premiums in January

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Life insurers report an 8% fall in new business premiums in January

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2 min read | Updated on February 10, 2025, 16:10 IST

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SUMMARY

Private insurers like HDFC Life Insurance, ICICI Prudential, and Axis Max Life reported growth in the premiums collected. While SBI Life Insurance and Bajaj Allianz reported de-growth in premiums collected for January.

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Life insurers report an 8% fall in new business premiums in January | Image: Shutterstock

Life Insurance Council, in its latest data (Provisional), has shown that life insure₹ posted an 8.15% year-on-year (Y-o-Y) fall in new business premiums (NBP) in the month of January 2025 at ₹30825.17 crore as compared to ₹33559.75 crore in the year-ago period. Of these, the private insurers’ premium decreased by 0.73% Y-o-Y to ₹ 14532.50 crore in January 2025 from ₹ 14638.98 crore.

On the other hand, the Life Insurance Corporation Of India’s (LIC) premium decreased 13.89% to ₹ 16292.67 crore in January 2025 from ₹18920.77 crore in January 2024. In the period up to January 2025, the premium of life insurance companies was up by 7.78% to ₹ 305912.09 crore in January 2025 from ₹ 283833.52 crore in the same period the previous year.

Of the total premium collected by life insurance companies in the month of January 2025, individual single premiums stood at ₹ 4127.67 crore as against ₹ 3550.25 crore in 2024, i.e. up by 16.26%. Individual Non-Single premium rose 10.52% to ₹ 10632.32 crore in January 2025 as compared to ₹ 9620.40 crore in January 2024. Group Single Premium stood at ₹ 14823.41 crore in January 2025. Group Non-Single Premium stood at ₹ 99.59 crore in January 2025, and Group Yearly Renewable Premium increased to ₹ 1142.17 crore in January 2025.

Among the private insurance companies, HDFC Life Insurance Company reported 25.47% Y-o-Y (Year-on-Year) growth in premium to ₹ 3011.44 crore in January 2025, ICICI Prudential Life Insurance posted 13.61% Y-o-Y growth to ₹ 1777.53 crore in January 2025, AXIS Max Life Insurance reported 8.81% growth in premiums to ₹ 996.40 crore in January 2025. However, SBI Life Insurance Company’s premium stood at ₹ 3275.26 crore in January 2025, down 37.24% over January 2024, and Bajaj Allianz Life Insurance reported a 6.87% fall in premiums to ₹ 885.54 crore in January 2025.
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