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22.91% Year-on-Year Growth: Life Insurance Sector in India Reports Record High New Business Premiums – Private Insurers See 14.62% Rise

India’s life insurance sector has experienced significant growth in the 2024-25 financial year, with both public and private insurers reporting substantial increases in new business premiums, led by LIC’s 28% rise due to higher group premiums.

India’s Life Insurance Sector Sees 23% Surge in New Business Premiums in 2024-25 Led by LIC

According to the News Maker, in the recent months of 2024-25, India‘s life insurance industry has seen a big increase in business. Both government-run and private insurance companies reported a rise in new premiums. Overall, the new business premium grew by nearly 23 percent compared to last year, reaching Rs 89,726.7 crore from Rs 73,004.87 crore.

The Life Insurance Corporation (LIC), the largest insurer in India, led the way with a 28 percent increase in its new business premium. This growth was mainly driven by higher premiums from group insurance plans, which saw a significant rise of 33.49 percent to Rs 44,671.86 crore. LIC now holds a bigger share of the market, increasing from 61.4 percent to 64 percent.

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22.91% Year-on-Year Growth: Life Insurance Sector in India Reports Record High New Business Premiums – Private Insurers See 14.62% Rise (PHOTO: The Economic Times)

Private Insurers Drive Growth with 14.62% Rise in New Business Premiums, Despite Market Share Dip

Private insurance companies like SBI Life Insurance, ICICI Prudential Life Insurance, HDFC Life, Bajaj Allianz Life Insurance, and Max Life Insurance experienced a 14.62% increase in new business premiums in India. Despite a slight dip to 35.9% in combined market share, they remain key players in the expanding life insurance sector, highlighting the importance of innovation and competitive offerings for sustained growth amidst changing economic landscapes.

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