Indian Life insurers register record new business figures in Feb’25; premium collection swells by 5.71 Percentage on a YTD basis

Mumbai, 12th March 2025: The Life Insurance Council has released updated industry business numbers for February 2025, showcasing notable growth. New business premiums (NBPs) underwritten by Indian life insurers recorded a year-to-date (YTD) growth of 5.71% compared to the same period last year, reflecting steady progress in the sector.

New business premiums for February 2025 stood at ₹29985.58 Crs, while year-to-date collections showed a significant increase from ₹317746.71 Crs to ₹335897.67 Crs this year.Driven by a strong demand for enhanced insurance protection from individual consumers, the life insurance industry experienced significant growth. In February 2025, the industry added 1,941,272 new policies, reflecting a strong expansion in policy issuances.According to data from the Life Insurance Council, individual single premiums grew by 8.30% year-over-year, reaching ₹4,300.94 crores in February 2025. The year-to-date growth was even more impressive, standing at 13.36%. Individual non-single premiums totaled ₹8,933.99 crores, with year-to-date collections 12% higher than the same period last year.

This strong performance can be ascribed to the fact that life insurers are increasingly focusing on encouraging first-time life insurance buyers to buy essential life insurance solutions, contributing to the 0.89% growth in combined individual premium collections for the month of Feb’25 and 12.43% growth on a YTD basis. The Group policy segment demonstrated resilience with monthly collections amounting to ₹15,130.54 Crs. New policy issuances also experienced a year-over-year increase, reflecting ongoing activity in this category.

The life insurance industry in India has been making significant strides forward by expanding access to insurance and making an effort to reach out to areas and segments of the country’s population that were previously underserved when it comes to their insurance needs. Towards this end, life insurers added more than 984631 individual life insurance agents, with an overall 6.27% growth in cumulative agent count. Still, the sustained pace of agent addition is being complimented by the high speed of digitisation by life insurers, paving the way for additional gains in insurance penetration that should provide a significant boost to new business premiums in FY25 and beyond.