Life Insurers Report 22% Surge in New Premium Collections for August

Life insurers recorded a 22% increase in new business underwriting with a premium collection of Rs 32,644 crore in August. The new business premium collection for the first five months of FY25 rose 21% to Rs 1,54,194 crore, although new policy issuances decreased slightly.

Life insurers have reported a 22% increase in new business underwriting, with a total premium collection of Rs 32,644 crore in August, according to the Life Insurance Council.

Data shows that new business premium collections for the first five months of FY25 have surged 21% to Rs 1,54,194 crore, up from Rs 1,27,661 crore in the same period last year.

Despite a decline in new policy issuances by 1.44% to 23,94,007 in August 2024, the sector saw net additions of 1,08,147 individual life insurance agents, contributing to an overall 3.74% growth in agent count at the start of FY24-25.

(With inputs from agencies.)