General insurance companies reported a 10% year-on-year growth in gross direct premium collections in February, primarily driven by a 30% jump in premium collections by standalone health insurers. The non-life insurance industry collected ₹23,853.77 crore in February compared to ₹21,747.57 crore in the same month last year.
However, the February growth was lower than the 15% growth recorded in January, after a 14% rise in December and a 24.2% jump in November, when premiums climbed to a 13-month high of ₹26,897.4 crore.
The non-life insurance industry
The non-life insurance industry comprises public and private general insurers, standalone health insurers, and specialised public sector insurers.
The combined gross premium of the seven standalone health insurers jumped 30% year-on-year to ₹4,198.8 crore in February. The standalone health insurance universe includes Star Health, Niva Bupa, Aditya Birla Health, and Care Health.
Standalone health insurers have been reporting 35–40% growth month after month after the government exempted individual health policies—including family floater and senior citizen policies—from GST effective September 22, 2025.
Public sector general insurers
The four public sector general insurers—National Insurance, The New India Assurance, The Oriental Insurance, and United India Insurance—collectively reported a 4% year-on-year increase in gross premium collections to ₹6,381.26 crore in February.
National Insurance was the only player to record a 23% growth in premiums to ₹1,188.45 crore, while the remaining three reported negative or muted growth.
In contrast, the 21-member private general insurance industry saw a 16% growth in premium collections to ₹13,037.85 crore.
Among private majors, ICICI Lombard posted an 18% increase in gross direct premiums to ₹2,177.45 crore, while HDFC Ergo General Insurance saw premiums rise 17% to ₹1,188.14 crore. Tata AIG’s premium collections rose 20% to ₹1,561.71 crore.