New business premium (NBP) of life insurance companies increased by 12.68 percent to Rs 30,463 crore in May 2025, compared to Rs 27,034 crore during the same period last year, driven by healthy growth in the private sector.
According to Life Insurance Council data, state-owned Life Insurance Corporation (LIC) recorded a year-on-year growth of 10.3 per cent in NBP to Rs 18,405.05 crore, while private sector life insurance companies rose 16.6 per cent to Rs 12,058 crore.
Among major private players, HDFC Life reported a 33% jump in premiums to Rs 3,022 crore, while SBI Life Insurance’s total premiums grew over 25% to Rs 2,950 crore. And ICICI Prudential Life reported a near 7% growth to Rs 1,407 crore. Axis Max Life Insurance saw a 25.5 per cent rise to Rs 845.79 crore.
Meanwhile, Bajaj Allianz Life Insurance saw a 3 percent decline in premiums to Rs 745.25 crore.
The individual business segment grew 3.35 per cent Y-o-Y to Rs 10,611 crore, while the group business expanded 18.4 per cent to Rs 19,851.8 crore.
However, the number of policies sold by life insurers fell 10.43 per cent Y-o-Y to 1.67 million.
LIC’s new policies dropped 14.6 per cent to 1.06 million, and private insurers saw a 2.02 per cent decline to 604,500.
During the April-May 2025 period, new business premiums grew by 10.9 per cent year-on-year to Rs 52,427.4 crore. LIC's premiums rose by 10.12 per cent to Rs 32,015.7 crore, while private insurance companies grew by nearly 12 per cent to Rs 20,411.7 crore.
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