
Summary:
Life insurers reported a 14% growth in new business, with premium collections totaling $4.17 billion (Rs. 35,020 crore) in September, up from $3.65 billion (Rs. 30,716 crore) the previous year. In the first half of FY25, new business premiums increased by 19% to $22.51 billion (Rs. 1,89,214 crore). Furthermore, new policy issuances increased by 45.49% year-on-year, totaling 32,17,880 in September, driven by surging demand for insurance coverage.
LIC's new premium collections increased by 25% in September, totaling $2.42 billion (Rs. 20,369 crore), compared to $2.16 billion (Rs. 18,126 crore) in the same month the previous year. Additionally, the private sector grew by 12%, reaching $8.76 billion (Rs. 73,664 crore) from $7.82 billion (Rs. 65,734 crore). The life insurance market in India is expanding, particularly in underserved areas.
Source: IBEF
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