News Life and Health10 Jul 2024

India:Life insurance market expands by 23% in 1QFY2025

| 10 Jul 2024

Life insurers in India saw a 22.9% increase in new business premium collection in the first quarter of the current fiscal year that started on 1 April 2024 (FY25), according to data released by Life Insurance Council.

New business premiums in 1QFY25 rose to INR897.26bn ($10.75bn) from INR730.04bn in April-June 2023.

The Council said in a statement, “This period witnessed a surge in both premium collections and policy issuances, reflecting a strong market performance and increased consumer confidence in life insurance products.

The new business premium collection in the life insurance market rose by 14.80% in the single month of June 2024 to INR424.33bn from INR369.61bn in June 2023.

Driven by strong demand for enhanced insurance protection from individual consumers, new policy issuances increased by 12.13% in June, resulting in the addition of new 2,179,282 policies vis-à-vis 1,943,529 policies in
June 2023.

State-controlled LIC, India’s biggest life insurer, posted a 28.11% surge in new life premiums in 1QFY25 which reached INR574.41bn. This represented a market share of 64%, higher than the 61.4% recorded for the corresponding quarter in 2023.


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