Life Insurance Council released the annual industry business figures on Friday, which showed a 12% compound annual growth rate between 2014 and 2023. In March, new business premium increased 15.6% year-on-year. The cumulative figure for financial year 2024 was 2% higher than what was achieved in the previous fiscal, according to a statement.
New business premium collection by the insurance companies for fiscal 2024 stood at Rs 3,77,960 crore, as compared with Rs 3,70,543 crore for the same period last year.
In March, NBP collected by life insurers stood at Rs 60,213 crore. Group premium saw 41.5% growth, with a similar increase in group single premium—which was the biggest contributing factor for the rise in new business premium, it said.
The insurance companies are moving ahead by providing insurance to the uninsured segments of the country, the statement said. India has witnessed a strong increase in individual life insurance agents, wherein Indian life insurers have added 2,76,850 agents in fiscal 2024, it said.
Rapid pace of digitalisation undertaken by life insurers will further assist in increasing insurance penetration and improving new business premium for the financial year 2025, according to the statement.
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