Mumbai: Indian life insurance companies registered a record new business in premium collection in July aided by a strong performance of public sector behemoth Life Insurance Corporation of India (LIC). According to data from Life Insurance Council (an association of life insurers), LIC’s new business premium for July 2024 rose 20 per cent year on year to Rs 18431 crore compared to Rs 15387 crore of new business premium done in July 2023. Its new business premium collection during the first four months of the fiscal 2025 rose by 26 per cent to Rs 75871 crore up from Rs 60224 crore in the same period of last year.The new business premiums (NBPs) underwritten by all life insurers grew year on year by 14.2 per cent in the month of July 2024 while April-July 2024 figures recorded a 20.5 per cent growth over the same period last year. New business premiums expanded from Rs 27,867 crore in July 2023 to Rs 31,822.69 crore in July 2024, with YTD collections growing even more from Rs one lakh crore to Rs 1.21 lakh crore this year. New policy issuances increased by 2.73 per on a Y-o-Y basis in July’24, resulting in the addition of 23,88,720 new policies vis-à-vis 23,25,235 policies sold in the year ago period. The life insurance industry saw individual single premiums growing by 24.82 per cent on a Y-o-Y basis to close at Rs 4,610 crore during July’24 while April to July growth stood at 17.89 per cent. Individual non-single premiums came in at Rs 9,170.53 crore and grew by 18.72 per cent in July’24, even as YTD collections settled at 19.55 per cent higher than the corresponding period last year.In the Group policy segment, single premiums grew by 9.88 per cent with monthly collections coming in at Rs 16,435.24 crore. In fact, the Group policy category witnessed a 9.68 per cent growth in premiums collected in July ’24 while new policy issuances expanded by 10.51 per cent on a Y-o-Y basis.Life insurers added more than 86,621 individual life insurance agents reflecting a 2.99 per cent growth in cumulative agent count to expand business.
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