Life insurers' new business premium rises 14% to Rs 35K cr in September

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

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

The new business premium collection in the first half of FY25 rose 19 per cent to Rs 1,89,214 crore from Rs 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 per cent on a year-on-year basis in the month, resulting in the addition of new 32,17,880 policies vis--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 per cent to close at Rs 5,142 crore for September while year-to-date growth stood at 14.99 per cent.

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

However, private sector put together grew 12 per cent to Rs 73,664 crore as against Rs 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.