Life Insurers Record 22.9% Rise in Q1 Premium Collections

Life insurers reported a 22.9% increase in new business premium collections for the first quarter of the current fiscal year. In June 2024 alone, premiums rose by 14.80%, driven by a demand for enhanced insurance protection. New policy issuances also saw a 12.13% year-on-year growth.

Life insurers have recorded a significant 22.9% increase in new business premium collection for the first quarter of the current financial year. According to the Life Insurance Council's data released on Monday, the new business premium collection rose by 14.80% in June 2024, reaching Rs 42,433 crore from Rs 36,961 crore in June 2023.

Over the first quarter of FY25, the total collection surged to Rs 89,726 crore, compared to Rs 73,004 crore during April-June 2023. The robust demand for enhanced insurance protection among individual consumers led to a 12.13% year-on-year increase in new policy issuances for June, adding 21,79,282 new policies against 19,43,529 in the same month last year.

Furthermore, the data indicated that the industry's individual single premiums grew by 5.94% year-on-year to Rs 3,823 crore for June, while individual non-single premiums rose by 19.61%, reaching Rs 8,310 crore. Quarterly collections for non-single premiums were also 19.92% higher than the corresponding period last year.

(With inputs from agencies.)