{"id":"f-e550251d2f-e1c3c367-6b30-5e45-ac15-c6881f5639aa","title":"Life insurers post nearly 40% growth in December premiums after GST relief","description":"India’s life insurance new business premiums grew 39.5% in December, driven by LIC and private firms such as SBI Life, HDFC Life, and ICICI Prudential.","timestamp":1768202456,"category":"business","headline":"Life insurers post nearly 40% growth in December premiums after GST relief","modifiedHeadline":"Life Insurers' Premiums Grew 40% in December","subCategories":["scid_4d81caea"],"region":"IN","bundleMetaData":{"bundleId":"ece1ae3d-908e-48c7-9e53-a4aa910ee4db","bundleTitle":"Grow Your Money","cardData":null},"iabCategoryId":"53","fcSummary":"India's life insurance sector saw a robust 40% y-o-y growth in new business premiums in December, driven by GST rationalization. LIC led with a 57.45% increase, while private insurers collectively grew by 25%. Total premiums for April-December rose by 13%.","summary":"Life insurers see massive 40% premium growth in December after GST relief! LIC, SBI Life & others fuel surge. Secure your future now!","ctaUrl":"https://trends.glance.com/newz/Personal_Finance/IN/en/cnbc-tv18/f-e550251d2f-e1c3c367-6b30-5e45-ac15-c6881f5639aa","sourceUrl":"https://www.cnbctv18.com/business/finance/life-insurance-40-pc-growth-december-premiums-gst-lic-sbi-hdfc-icici-pru-ws-l-19818768.htm","bannerImage":"https://g-mob.glance-cdn.com/public/fc/image/nsg7vsajrbj0.webp","content":"India’s life insurance industry reported its strongest monthly performance of the current financial year in December, recording nearly 40% year-on-year growth in new business premiums (NBP), supported by improved affordability following the rationalisation of goods and services tax (GST) on individual life insurance policies.\n\n
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\n Data released by theLife Insurance Council\n showed that total first-year premium income rose 39.5% year-on-year to ₹42,151 crore in December, compared with ₹30,219 crore in the corresponding month last year.\n
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\n The December outturn followed a more than 20% annual growth reported in November.\n
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\n State-owned Life Insurance Corporation of India (LIC) led the expansion, reporting a 57.45% year-on-year jump in new business premiums to ₹21,294 crore, up from ₹13,524 crore a year earlier. Private life insurers collectively posted a 25% increase in premiums to ₹20,857 crore during the month.\n\n
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\n Within LIC’s portfolio, group single premium business—the corporation’s largest segment—rose sharply by 80% to ₹14,731 crore from ₹8,374 crore in December last year. Premiums from individual policies increased 27% to ₹6,563 crore. Among private insurers, individual business premiums grew 21% year-on-year to ₹14,387 crore, while group business rose 36% to ₹6,470 crore.\n
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\n Among major private players, SBI Life Insurance, the largest private insurer by premium, reported a 19% year-on-year increase in December premiums to ₹6,336.96 crore. HDFC Life Insurance saw premiums rise 14.55% to ₹3,108 crore, while ICICI Prudential Life Insurance posted a 25% increase to ₹1,945 crore. Max Life Insurance reported a 24.97% growth, with premiums reaching ₹1,567.72 crore.\n\n
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\n Policy issuance also remained strong during the month. Life insurers sold 28 lakh policies in December, marking a 35.44% year-on-year increase.\n
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\n On a cumulative basis, life insurers recorded a 13% rise in new business premiums during the April–December period of the current financial year, with total premiums reaching ₹3.11 lakh crore. LIC reported a 12.34% increase in premiums to ₹1.77 lakh crore, while private insurers posted a 14% growth to ₹1.33 lakh crore.\n
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\n The number of policies sold during the nine-month period edged up 1.71% year-on-year, reversing the contraction of 2.74% recorded in the corresponding period last year.\n","readDurationInMinutes":"4","author":{"name":"CNBC TV18","logo":"https://glance-mob.glance-cdn.com/public/bubble/jpeg/ecc3d19b-fc52-4a39-881c-5b0936ae723b.jpeg"},"ism":false,"analyticsResponses":[{"measurementId":"383191425","type":"COMSCORE"}],"pointerSummary":["India's life insurance saw 40% premium growth in December, driven by GST rationalization.","LIC led with a 57.45% jump; private insurers saw a 25% premium increase overall.","Total premiums reached ₹3.11 lakh crore in Apr-Dec, up 13%; policy sales rose 35.44%."],"tags":["LifeInsurance","India","InsurancePremiums","GST","LIC","SBILife","HDFCLife","ICICIPrudential","MaxLifeInsurance","LifeInsuranceCouncil","FinancialYear","NewBusinessPremiums","PolicyIssuance"],"consent":true,"redirectionEnabled":false}

Life insurers post nearly 40% growth in December premiums after GST relief

SUMMARY