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