The life insurance industry recorded a 14.2% year-on-year increase in premiums at ₹31,823 crore in July, compared with ₹27,867 crore in the same month last year. The growth was primarily driven by a strong growth in premiums of Life Insurance Corporation (LIC).
LIC’s premiums surged 20% year-on-year, totalling ₹18,431 crore, compared with ₹15,387 crore in July 2023. According to data from the Life Insurance Council, LIC痴 new business premium collection for the first four months of FY25 rose 26% to ₹75,872 crore, against ₹60,224 crore during the year-ago period.
In contrast, the premium growth for the private life insurance industry was at 7%, reaching ₹13,392 crore in July. Among private players, HDFC Life reported a 34% increase in premiums to ₹2,699 crore while ICICI Prudential Life Insurance saw a 7% growth to ₹1,760 crore. SBI Life Insurance, the largest private insurer, experienced a 26% decline in premium collections to ₹2,996 crore. SBI Life’s premium decreased by 2% to ₹10,028 crore for the April-July period. Bajaj Allianz Life Insurance reported a 61% jump in premiums to ₹1,196 crore, driven by individual non-single premiums and group premiums.
Overall, the life insurance industry sold 2.4 million policies in July, compared with 2.3 million in the same month last year. The total number of policies issued by LIC in July saw a marginal decline of 1.96% to 1.627 million, from 1.66 million in the same month last year.