Life insurers record 23% rise in new premium collection in April-June

New Delhi: Life insurers recorded a 22.9 per cent increase in new business premium collection in the first quarter of the current fiscal.

The new business premium collection rose by 14.80 per cent in June 2024, according to data released by Life Insurance Council on Monday. New business premium income rose to Rs 42,433 crore in June 2024 from Rs 36,961 crore in June 2023.

The collection in the first quarter of FY25 rose to Rs 89,726 crore from Rs 73,004 crore in April-June 2023, the data showed.

Driven by strong demand for enhanced insurance protection from individual consumers, new policy issuances increased by 12.13 per cent on a Y-o-Y basis in June, resulting in the addition of new 21,79,282 policies vis-à-vis 19,43,529 policies in the year-ago period.

According to data released by the Council, the life insurance industry saw individual single premiums growing by 5.94 per cent on a Y-o-Y basis to close at Rs 3,823 crore for June while growth during the stood at 14.87 per cent.

Individual non-single premiums came in at Rs 8,310 crore and grew by 19.61 per cent in June, even as quarterly collections settled at 19.92 per cent higher than the corresponding period last year.