LIC drags life insurers' November premiums by 4.5%

economictimes.indiatimes.com:

life insurance industry recorded a 4.5% year-on-year (YoY) decline in premiums in November 2024, driven by a significant drop in market leader Life Insurance Corp's (LIC) revenue.

Life Insurance Council data showed the industry collected ₹25,306 crore in November this year, against ₹26,494 crore in November last year.

The private sector, however, reported a 31% YoY surge in premiums for the month, against a 27% YoY decline in premiums for the state-owned LIC.

For the first eight months of FY25, the industry saw a 16% YoY increase in premiums, with LIC reporting a 16% growth during this period. The private sector contributed to this overall growth with over 15% YoY growth during the eight months, led by insurers like ICICI Prudential Life, Max Life, and HDFC Life.

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