Life insurers’ new business premium rose 21% in Sept to ₹48,780 crore
Life insurance companies in India reported a 21% year-on-year increase in new business premiums for September, totaling ₹48,780 crore. While premium collections rose, the total number of policies sold saw a decline compared to the previous year.
Why it matters
The data reflects strong financial growth in the Indian insurance sector despite a dip in policy volume, indicating higher average ticket sizes or premium costs.
Life insurers in India posted 21% year-on-year (YoY) increase in new business premium (NBP) for September at ₹48,780.55 crore.
The higher mobilisation came even as number of policies/scheme sold declined YoY at 21.93 lakh (22.06 lakh). In August too, the policies and schemes sold were lower yet their NBP rose 33% YoY to ₹41,197.78 crore.
In September, market leader, the State-owned Life Insurance Corporation of India (LIC) reported nearly 20% increase in the NBP to ₹27,528.71 crore (₹22,957.09 crore).
The 26 private players registered a more than 23% increase at ₹21,251.84 crore (₹17,249.58 crore), latest numbers released by the Life Insurance Council showed.
For the six months ended September, NBP of all life insurers totalled ₹2,45,603.73 crore, 20.59% higher compared to ₹2,03,668.19 crore in the corresponding period of previous fiscal.
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