11th November 2024: Life Insurance Council has released updated industry business figures for the month of December 2024. Indian Life Insurance Companies recorded record new business figures in December 2024; Premium Collection grew by 9.91%.
According to data released by Life Insurance Council, the life insurance industry witnessed a growth of 13.52% on a year-on-year basis in individual single premium in December 2024, closing at ₹ 4633.12 crores, while YTD growth stood at 13.68%. Individual non-single premium came in at ₹ 12467.51 crores in December 2024 and grew by 4.53%, while YTD collections stood at 14.53% higher than the same period last year.
This strong performance can be attributed to the fact that life insurers are focusing more on encouraging first-time life insurance buyers to purchase the necessary life insurance solutions, which has contributed to a 6.82% increase in combined individual premium collections in the month of December 2024 and a 14.26% increase on a YTD basis.
The life insurance industry in India is making significant progress by expanding access to insurance and striving to reach out to areas and segments of the country’s population that were previously underserved in terms of their insurance needs.
Towards this end, life insurers added over 757236 individual life insurance agents, leading to a 3.46% increase in the total agent count. Nevertheless, the continued pace of agent addition is being complemented by the high pace of digitisation by life insurers.
