Life Insurance Premiums Drop Again In December 2024 As Group Single Premiums Decline — CareEdge's Analysis

The industry's compound annual growth rate from December 2022 to December 2024 was 5.4%, with private players achieving 10.2%, while LIC experienced a decline of 5.6%..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..CareEdge Research Report.The life insurance industry reported a 2.3% year-on-year decline in Annual Premium Equivalent in December 2024, following a 13.6% growth in December 2023. Private life insurers were partially able to offset the anticipated drop (due to premium normalisation) in LIC for the month. The reduction in group single premiums can explain the drop. Factors influencing growth include changes in policy structures regarding the sum assured and commissions, following the revised surrender value guidelines effective October 1, 2024, challenges faced in the bancassurance channel, and heightened competition in several key channels. LIC generates over 90% of its individual new business premiums through the agency channel, whereas private insurers source over 50% of their individual new business premiums from the bancassurance channel. In December 2024, sales of Individual Non-Single policies reached Rs 20.1 lakh, reflecting a 21.0% drop compared to the previous year, largely due to changes in surrender value regulations. The industry's compound annual growth rate from December 2022 to December 2024 was 5.4%, with private players achieving 10.2%, while LIC experienced a decline of 5.6%..Click on the attachment to read the full report:.December CPI Inflation Eases Further Aided By Moderation In Food Prices: CareEdge.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Life Insurance Premiums Drop Again In December 2024 As Group Single Premiums Decline — CareEdge's Analysis

Private life insurers were partially able to offset the anticipated drop (due to premium normalisation) in LIC for the month, adds CareEdge.

NDTV Profit

NDTV Profit

Follow Us

DOWNLOAD THE APP

Life Insurance Premiums Drop Again In December 2024 As Group Single Premiums Decline — CareEdge's Analysis

Private life insurers were partially able to offset the anticipated drop (due to premium normalisation) in LIC for the month, adds CareEdge.

Choose a plan

Follow Us

DOWNLOAD THE APP