New business premiums of Indian life insurers rise 14 pc in September

New Delhi, Oct 11 (Agency) New business premiums of life insurance companies grew 14.01% year-on-year (YoY) to Rs 35,020.28 crores in September 2024 as against Rs 30,716.29 crores in the same month a year ago, as per Life Insurance Council data released on Friday. “Driven by a strong demand for enhanced insurance protection from individual consumers, new policy issuances too increased by 45.49% on a YoY basis in September 2024 resulting in the addition of new 32,17,880 policies vis-à-vis 22,11,680 policies in the year ago period,” the media release said. According to Life Insurance Council data, the life insurance industry saw individual single premiums growing by 13.04% on a YoY basis to close at Rs 5,141.99 crores in September this year.

Individual non-single premiums came in at Rs 11,500.11 crores and grew by 35.23% during the month under review. “This strong performance can be ascribed to the fact that life insurers are increasingly focusing on encouraging first-time life insurance buyers to buy essential life insurance solutions, contributing to the 27.50% growth in combined individual premium collections for the month of September 2024 and 18.96% growth on a YTD (year to date or April-September period of FY25) basis,” Life Insurance Council said. In the Group policy segment, single premiums grew by 6.06% with monthly collections coming in at Rs 17,052.25 crores. “In fact, the Group policy category witnessed a 4.04% growth in premiums collected in September 2024 while new policy issuances expanded by 7.89% on a YoY basis,” the insurance industry body said.