Private life insurers recorded a 27.5% increase in NBP to ₹43,522 crore from ₹34,134 crore a year earlier, while LIC posted a 10.3% growth to ₹65,548 crore from ₹59,410 crore, according to data collated by Life Insurance Council.
LIC, which continued to account for nearly 60% of the industry’s new business premium, also saw steady momentum in its retail business. Regular premium collections rose nearly 20% year-on-year, while individual single premium business increased 9.3%, aided by sustained demand across retail segments alongside institutional business.
The first-quarter performance comes amid improving demand for life insurance products, with insurers focusing on protection, annuity and savings offerings as they prepare for upcoming regulatory changes, including the transition to new accounting and capital frameworks over the next two years.
The growth in income of private insurers was driven largely by expansion in group single premium business, although demand for individual protection and regular premium products also remained healthy.
Among listed insurers, SBI Life Insurance emerged as the fastest-growing player during the quarter, reporting a 22.6% year-on-year increase in new business premium to ₹8,905 crore.
ICICI Prudential Life Insurance posted a 21.3% increase in NBP to ₹4,866 crore, supported by healthy traction in regular premium and group single premium business.Axis Max Life Insurance reported a 17.5% increase in NBP to ₹2,964 crore during the quarter. HDFC Life Insurance recorded a 12.6% growth to ₹8,432 crore.
The industry’s performance showed that private insurers continue to gain market share in new business by expanding their presence in group insurance while maintaining growth in individual business. However, LIC retained its dominant position in absolute premium collection owing to its extensive distribution network.