Life Insurance Premium Rises 22% in August | Rs 32,644 Crore

New Delhi, Sep 9 (PTI) Life insurers have recorded a 22 per cent rise in underwriting new business 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 per cent to Rs 1,54,194 crore from Rs 1,27,661 crore in the same period last year, as per the monthly data released by the industry body Life Insurance Council.

New business premiums expanded from Rs 26,788.55 crore in August 2023 to Rs 32,644 crore in August 2024, with year-to-date collections growing even more from Rs 1,27,661 crore to Rs 1,54,194 crore this year, according to the council data.

Despite the underlying demand for enhanced insurance protection from individual consumers and corporate clients alike, new policy issuances decreased by 1.44 per cent to 23,94,007 in August 2024 compared to 24,28,895 policies sold in the same period last year.

Life insurers made net additions of 1,08,147 individual life insurance agents in August 2024 alone, contributing to an overall 3.74 per cent growth in cumulative agent count against those at the start of FY24-25.