Life insurance companies new business premiums (NBP) declined by 8.15% year-on-year (y-o-y) to Rs 30,825.17 crore in January 2025, compared to Rs 33559.75 crore during the same period last year, tracking a decline in premiums of Life Insurance Corporation of India (LIC) and a slight moderation in premiums of private life insurance companies.
According to Life Insurance Council’s data, LIC has seen a decline in new business premiums for the second consecutive month, the insurer’s new business premium fell 13.89% year-on-year to Rs 16,292.67 crore, while the private life insurers reported a 0.73% year-on-year decline in NBP to Rs 14,532.5 crore, compared to Rs 14,638.98 crore a year ago period.
Meanwhile, SBI Life Insurance, the largest private life insurer, saw its premiums fall by 37.2% to Rs 3,275.26 crore, compared to Rs 5,218.86 crore in the previous year, while HDFC Life registered a 25.47% year-on-year growth to Rs 3,011.4 crore. ICICI Prudential Life's premiums rose by 13.61% to Rs 1,777.53 crore during the month. Other major life insurance companies including Max Life Insurance and Bajaj Allianz Life Insurance recorded 8.8% year-on-year growth and 6.86% year-on-year decline, respectively.
During the April-January period, the life insurance sector's NBP grew 7.78% year-on-year to Rs 3.06 trillion, of which LIC's premiums grew 4.76% year-on-year to Rs 1.74 trillion, while private life insurers registered a 12.05% year-on-year growth to Rs 1.32 trillion.
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