Life insurance new business premiums fall 8.15% to Rs 30,825 cr in Jan

The new business premiums (NBP) of life insurance companies in January 2025 dropped by 8.15 per cent year-on-year (Y-o-Y) to Rs 30,825.17 crore, tracking a fall in Life Insurance Corporation of India’s (LIC) premiums and a minor moderation in private life insurers’ premiums.

 

According to data published by the Life Insurance Council, LIC’s premium dropped 13.89 per cent Y-o-Y to Rs 16,292.67 crore, while private insurers reported a 0.73 per cent Y-o-Y decline in NBP to Rs 14,532.5 crore. This is the second consecutive month LIC has seen a drop in new business premiums.

 

Meanwhile, the largest private life insurer, SBI Life Insurance, saw its premium decline by 37.2 per cent to Rs 3,275.26 crore, while HDFC Life posted 25.47 per cent Y-o-Y growth to Rs 3,011.4 crore. ICICI Prudential Life’s premium rose by 13.61 per cent during the month to Rs 1,777.53 crore.

 

Other major players, including Max Life Insurance and Bajaj Allianz Life Insurance, posted 8.8 per cent Y-o-Y growth and a 6.86 per cent Y-o-Y decline, respectively.

 

In the April-January period, NBP of the life insurance industry improved by 7.78 per cent Y-o-Y to Rs 3.06 trillion, where LIC’s premiums increased by 4.76 per cent Y-o-Y to Rs 1.74 trillion, while private life insurers posted 12.05 per cent Y-o-Y growth to Rs 1.32 trillion.