New business premium of life insurers in May grows around 13%, shows data

Individual business grew 3.35 per cent Y-o-Y to Rs 10,611 crore, while group business expanded by 18.4 per cent Y-o-Y to Rs 19,851.8 crore

New business premium (NBP) of life insurers grew by 12.68 per cent year-on-year (Y-o-Y) to ₹ 30,463 crore in May, driven by healthy growth in the private sector.

 

State-owned Life Insurance Corporation (LIC) recorded a 10.3 per cent Y-o-Y growth in NBP to ₹ 18,405.05 crore, while private-sector life insurers posted a 16.6 per cent rise to ₹ 12,058 crore, according Life Insurance Council data. 

 

Among major private players, SBI Life Insurance’s premium rose 25.33 per cent Y-o-Y to ₹ 2,950 crore, HDFC Life grew 33 per cent to ₹ 3,022 crore, and ICICI Prudential Life increased 6.79 per cent to ₹ 1,407.25 crore. Axis Max Life Insurance saw a 25.5 per cent rise to ₹ 845.79 crore. 

 

Meanwhile, Bajaj Allianz Life Insurance reported a 3 per cent decline in premium to ₹ 745.25 crore.

 

The individual business segment grew 3.35 per cent Y-o-Y to ₹ 10,611 crore, while the group business expanded 18.4 per cent to ₹ 19,851.8 crore.

 

However, the number of policies issued by life insurers fell 10.43 per cent Y-o-Y to 1.67 million. LIC’s new policies dropped 14.6 per cent to 1.06 million, and private insurers saw a 2.02 per cent decline to 604,500.

 

In the April–May 2025 period, new business premiums grew 10.9 per cent Y-o-Y to ₹ 52,427.4 crore. LIC’s premium rose 10.12 per cent to ₹ 32,015.7 crore, while private insurers recorded nearly 12 per cent rise to ₹ 20,411.7 crore.