Life insurers' new business premium up 13% in May; non-life firms rise 6.3%

India’s life insurance sector saw its new business premium (NBP) rise 12.68% YoY in May 2025 to Rs. 30,463 crore (US$ 3.54 billion), driven primarily by strong performance from private insurers, according to data from the Life Insurance Council. The Life Insurance Corporation of India (LIC) posted a 10.27% YoY growth in NBP to Rs. 18,405.05 crore (US$ 2.14 billion). In comparison, private life insurers recorded a 16.57% increase, collecting Rs. 12,058.16 crore (US$ 1.40 billion) in May.
In the non-life insurance segment, gross direct premium underwritten rose 6.46% YoY to Rs. 22,257.41 crore (US$ 2.58 billion) in May 2025. General insurance companies reported Rs. 19,209.97 crore (US$  2.23 billion) in premiums, a 5.72% increase over the Rs. 18,170.11 crore (US$ 2.11 billion) collected in May 2024. Standalone health insurers posted 9.98% YoY growth, with premiums reaching Rs. 2,916.75 crore (US$ 338.72 million). Specialised insurers recorded the sharpest rise at 53.36%, with collections growing to Rs. 130.69 crore (US$ 15.17 million) from Rs. 85.22 crore (US$ 9.89 million) a year earlier. These figures reflect sustained momentum across India’s insurance industry, bolstered by rising demand for protection and health coverage.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.