Life insurance industry's new business premiums grow 15.5% in May

The life insurance industry's new business premium (NBP) rose by 15.5% year-on-year (Y-o-Y) in May 2024, reaching Rs 27,034.2 crore, driven by growth across segments, according to Life Insurance Council data. LIC's premiums increased by 18.7% to Rs 16,690 crore, bolstered by its group business. \r

Private insurers saw a 9.8% Y-o-Y rise in first-year premiums to Rs 10,343.8 crore. The industry's group premium segment grew by 13.14% Y-o-Y to Rs 16,766.71 crore, with LIC's group premium up 20.9%. Individual premiums rose by 18.6% to Rs 10,267.4 crore, with private insurers achieving 23% growth. \r

SBI Life Insurance experienced a slight decline, while HDFC Life, ICICI Prudential, and Max Life saw significant increases. Policy issuance increased by 12.45% to 1.9 million.