The Indian life insurance sector experienced mixed performance in November, with overall premiums declining 4.5% year-on-year (YoY). However, the eight-month period of FY25 showed a more promising 16% YoY growth in premiums across the industry.
| Company | Value | Change | %Change |
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Private life insurance companies stood out, delivering strong results. November premiums for the private sector surged 31% YoY, driving a 15% YoY rise in premiums for the first eight months of FY25.
Among the top performers, ICICI Prudential Life saw a remarkable 1.5x increase in November premiums, with total annual premium equivalent (APE) soaring 2.7x over the same period in the last fiscal. Retail APE for the company also grew by 28%.
Max Life also reported a robust performance, with a 21% YoY increase in premiums and a 25% growth in both total and retail APE.
HDFC Life posted a 13% YoY rise in premiums for November and a 14% growth for 8MFY25. Both total and retail APE grew by 3% in November.
SBI Life recorded an 8% increase in November premiums, though its year-to-date (YTD) premiums declined by 2% YoY. November APE for SBI Life rose 10%, with retail APE increasing by 9%.
In contrast, state-run Life Insurance Corporation (LIC) faced a challenging month. Its November premiums dropped by 27% YoY, although the company reported a 16% increase in premiums for the first eight months of FY25. Both total and retail APE for LIC were down in November, by 19% and 12%, respectively.
While LIC struggled, the strong growth from private insurers helped to offset the overall downturn, reflecting the contrasting fortunes within the sector.
(Edited by : Shoma Bhattacharjee)
