India's life Insurance sector total new business premiums collection for the month February 2025 down at Rs 29,985.58 crore compared to Rs 33,913.18 crore during the same period a year ago.
Country’s largest life insurer Life Insurance Corporation of India (LIC) saw a heavy down fall in premium collections, the total premiums was at Rs 15,513.95 crore in February 2025 compared to Rs 19,896.01 crore in February 2024.
LIC's individual single premiums were strong at Rs 2,606.84 crore, up 18.88% year-on-year, but its individual non-single premium segment declined to Rs 2,231.03 crore, a decline of 20.5% compared to February 2024.
The public sector life insurer LIC’s number of policies also saw a significant decrease, from 17.18 lakh to 12.04 lakh, reflecting the market crisis.
On the other hand, private sector insurers performed relatively well but also experienced an overall decline.
Total new business premiums from private life insurers stood at Rs 14,471.62 crore in February 2025, as against Rs 14,017.17 crore in the same month last year.
Some of the major private life insurers registered strong individual premium growth, with HDFC Life premium collection up 13.97% at Rs 3,213.76 crore and ICICI Prudential Life was at Rs 1,857.05 crore increases 26.38%.. However, other companies including SBI Life and Reliance Life reporting a 6.38%, -1.01% decline in February premiums.
Breaking down the performance by segment, individual single premiums collections across the industry grew by 8.3% to Rs 4,300.94 crore in February 2025 compared to Rs 3971.32 crore last year. However, individual non-single premiums declined by 4.8% to Rs 8,933.99 crore.
Group single premiums, which account for a large share of total premium collections, declined 21.7% to Rs 15,130.54 crore. Group non-single premiums saw an even sharper decline, falling by 55.1% to Rs 114.01 crore. However, group annual renewable premiums showed resilience, rising by 33.69% to Rs 1,506.10 crore.
More News
|
|