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The Hindu
10-07-2025
- Business
- The Hindu
Life insurers June new business dips 3% to ₹41,117 cr.
Life insurers in India reported new business for June declined 3% to ₹41,117.14 crore from ₹42,433.69 crore a year earlier, after two months of uptick in the premium this fiscal and as the number of covers sold remain comparatively lower. For the quarter ended June, the new business premium rose 4.25% to ₹93,544.54 crore (₹89,726.70 crore). This came on a more than 10% decline in the number of policies/schemes sold during the three months at 48.25 lakh (53.68 lakh). In June, the insurers sold 20.06 lakh (21.79 lakh) policies, the updated numbers released on Thursday by Life Insurance Council showed. The new business of State-owned Life Insurance Corporation of India (LIC) for June was 3.42% lower year on year at ₹27,395 crore (₹28,366.87 crore). For the first quarter, the market leader's premium was 3.43% higher at ₹59,410.68 crore (₹57,440.90 crore). Private life insurance companies' new business premium for June was 2.45% lower at ₹13,722.14 crore (₹14,066.82 crore). It increased 5.72% for the first quarter to ₹34,133.86 crore (₹32,285.80 crore). The dip in the new business of life insurers in June ended three consecutive months of growth for the insurers since March. Prior to that the new business had declined fourth months on a trot. Analysts had expected the life insurance sector to deliver a modest performance in the first quarter. The annual premium equivalent (APE) growth for life insurers would see moderation owing to a high base effect of the first quarter of the FY-2025, the new surrender regulations impact playing till first half of current fiscal and potential slower push of high-ticket ULIP owing to geopolitical uncertainty around equity markets, Emkay Research said in a preview recently. The Life Insurance Council said the quarter's performance underscores the robust momentum in the sector. Individual single premiums of the insurers in June rose nearly 22% at ₹4,661.52 crore in June 2025, while individual non-single premiums increased 9% to ₹9,058.63 crore. Group single premium declined to ₹26,038.11 crore (₹28,711.03 crore). Group non-single premium dipped sharply to ₹42.63 crore (₹510.78 crore). The base was high as LIC had reported ₹508.55 crore group non-single premium a year earlier. The Council said growth in combined individual premium collections is on account of life insurers' focused efforts on encouraging first-time buyers.
Time of India
02-07-2025
- Business
- Time of India
Use data to woo millennials to life insurance: Irdai
MUMBAI: Irdai whole time member (life) Swaminathan Iyer said that insurance companies need to leverage data to convince the working population to make life insurance an important aspect of their financial planning. "There is increasing awareness of life insurance among all sections of society, more specifically the millennials. However, emotions do not work much, and you have to drive logic through data," Iyer said at a Life Insurance Council event. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
02-07-2025
- Business
- Business Standard
Life Insurance Council to spend ₹160 cr yearly on awareness drive
Taking a cue from their non-life counterparts, the Life Insurance Council on Wednesday launched the next phase of its nationwide campaign Sabse Pehle Life Insurance, aimed at increasing awareness and, consequently, life insurance penetration across the country. The Council plans to spend up to Rs 160 crore annually for the next three years on this initiative. 'We have planned to spend Rs 150 crore to Rs 160 crore every year for the next three years. The contribution of companies is based on the Annualised Premium Equivalent (APE). Going forward, as the volume keeps growing, the funds available will keep increasing,' said Kamlesh Rao, managing director and chief executive officer, Aditya Birla Sun Life Insurance. 'The campaign is planned as a year-long initiative to drive behavioural change among consumers and increase awareness and penetration of life insurance solutions,' the Life Insurance Council said in a statement. Life insurance penetration declined to 2.8 per cent in FY24 from 3 per cent in FY23. The total premium of the life insurance industry grew by 6.1 per cent year-on-year (Y-o-Y) in FY24 to Rs 8.29 trillion. Of the total, new business premium stood at Rs 4.52 trillion, while renewal premium totalled Rs 3.78 trillion. However, the number of policies sold dropped 7.39 per cent Y-o-Y to 2.92 crore. 'There is still a large protection gap—even among those who already have policies—and a vast section of the population that still needs to be covered. We have a long way to go to reach 'Insurance for All' by 2047. This campaign is a major step by the Life Insurance Awareness Committee. It is a long marathon that must be run consistently over the years to make a meaningful impact,' said Swaminathan Iyer, member (life), Insurance Regulatory and Development Authority of India (Irdai).
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Business Standard
09-06-2025
- Business
- Business Standard
Life insurers see 11% rise in new premium collection in Apr-May 2025
The collection in the first two months of FY2025-26 rose to Rs 52,427 crore from Rs 47,293 crore in the April-May period of 2024-25, the data showed Press Trust of India New Delhi Life insurers recorded a 10.8 per cent increase in new business premium collection in the first two months of the current fiscal. The new business premium collection rose by 12.6 per cent in May 2025, according to data released by the Life Insurance Council on Monday. New business premium income rose to Rs 30,463 crore in May 2025 from Rs 27,034 crore in the same month a year ago. The collection in the first two months of FY2025-26 rose to Rs 52,427 crore from Rs 47,293 crore in the April-May period of 2024-25, the data showed. This strong performance is attributed to life insurers' focus on encouraging first-time buyers to secure essential life insurance solutions, contributing to a 3.35 per cent growth in combined individual premium collections for May 2025 and 2.46 per cent growth on a year-to-date basis, it said. According to data released by the council, the life insurance industry saw individual single premiums grow by 5.21 per cent year-on-year to close at Rs 3,525 crore for May 2025, with April-May growth standing at 4.89 per cent. LIC, the country's largest life insurer, new business premium grew 10.27 per cent to Rs 18,405.04 crore in May 2025 from Rs 16,690.39 crore in the same month a year ago. The company reported a 13.79 per cent increase in group premiums for May 2025. For the first two months of the fiscal 2026, group premium grew 13.66 per cent, as per the data. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
09-06-2025
- Business
- Time of India
FY26 life insurance collection: Insurers clock nearly 11% growth in new business premiums in April-May; collections surpass Rs 52,000 crore
India's life insurance sector kicked off the financial year 2025-26 on a strong note, with a 10.8% jump in new business premium collections during the April-May period, according to data released by the Life Insurance Council on Monday. New business premiums climbed to Rs 52,427 crore in the first two months of the fiscal, up from Rs 47,293 crore collected during the same period last year. In May alone, collections surged 12.6% year-on-year to Rs 30,463 crore, against Rs 27,034 crore recorded a year ago, over the same period. This growth can be attributed to increased efforts towards encouraging first-time policy buyers to secure essential life cover solutions. This push led to a 3.35% rise in combined individual premium collections for May, and a 2.46% increase for the year-to-date period, the data said, reported by PTI. The data also showed that individual single premiums in May rose by 5.21%, on an annual basis, reaching Rs 3,525 crore. Meanwhile, the April-May growth for this category stood at 4.89%. State-run Life Insurance Corporation of India (LIC), the largest player in the sector, recorded a 10.27% rise in new business premiums for May, collecting Rs 18,405.04 crore, up from Rs 16,690.39 crore a year earlier. The insurer also posted a 13.79% growth in group premiums during May, while group premiums for the April-May period rose 13.66%. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
