Life insurance companies on Monday reported a 22.91 percent rise in first-year premiums on a year-on-year (Y-o-Y) basis in the April-June period (Q1) of the current financial year (FY25), aided by strong growth Public and private sector insurers.
Life insurance companies on Monday reported a 22.91 percent rise in first-year premiums on a year-on-year (Y-o-Y) basis in the April-June period (Q1) of the current financial year (FY25), aided by strong growth in Is. Public and private sector insurers.
Life insurance companies on Monday reported a 22.91 percent rise in first-year premiums on a year-on-year (Y-o-Y) basis in the April-June period (Q1) of the current financial year (FY25), aided by strong growth in Is. Public and private sector insurers.
Driven by massy demand for increased insurance protection from individual consumers, new policy issuances grow by 12.13 percent on year-on-year basis in the month of June, resulting in 19.43 lakh policies as against 19.43 lakh policies in the year-ago period. New 21.79 lakh policies added.
Percentage increase on YTD basis,” it said.
In the group policy segment, single premium increased by 13.49 percent and monthly collections stood at Rs 28,711 crore. In fact, the group policy category saw a 14.75 percent growth in premiums collected in June, while new policy issuances grew by 6.73 percent on a year-on-year basis.
“The life insurance industry in India is making significant progress by increasing access to insurance and attempting to reach out to sections and sectors of the country’s population that were previously disadvantaged in terms of their insurance needs,” the council said. Towards this end, life insurers added more than 2,19,820 individual life insurance agents, increasing the overall cumulative agent count by 1.20 percent.
