Data Alert
Life insurers' 1st year premium income falls 8% YoY in Jan
This story was originally published at 17:05 IST on 8 February 2025
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NEW DELHI – The first-year premium income of life insurance companies in India declined in January compared to a year ago, pulled down by the Life Insurance Corp. of India Ltd. Life insurance companies' first-year premium income fell 8.1% on year to INR 308.25 billion in January, data released by the Life Insurance Council showed.
On a sequential basis, premium income was up 2% compared to December's INR 302.19 billion.
While the private sector also saw its new business premiums fall in January, the decline was much bigger for LIC, the country's largest life insurance company by market share. LIC's first year premium income fell 13.9% on year to INR 162.93 billion in January. For private life insurance companies, premium income was down 0.7% on year at INR 145.33 billion.
LIC's market share declined to 52.9% in January from 56.4% a year ago, but rose sharply from the 24-month low of 44.8% in December.
Among private life insurers, SBI Life Insurance Co. Ltd. saw a 37.2% on-year fall in premium income to INR 32.75 billion in January.
The premium income of HDFC Life Insurance Co. Ltd. rose 25.5% on year to INR 30.11 billion in January, while ICICI Prudential Life Insurance Co. Ltd's premium income was up 13.6% on year at INR 17.78 billion.
The following is a table of new premium income of life insurance companies in January, in INR million, compared with the year-ago period:
| Company Name | January 2025 | January 2024 | Year-on-Year % change | Market share |
| Acko Life Insurance Co. Ltd. | 43.6 | 43.7 | (-)0.2% | 0.0% |
| Aditya Birla Sun Life Insurance Co. Ltd. | 6,163.5 | 5,040.0 | 22.3% | 2.0% |
| Ageas Federal Life Insurance Co. Ltd. | 993.9 | 1,038.9 | (-)4.3% | 0.3% |
| Aviva Life Insurance Co. Ltd. | 557.9 | 234.4 | 138.0% | 0.2% |
| Axis Max Life Insurance Co. Ltd. | 9,964.0 | 9,157.5 | 8.8% | 3.2% |
| Bajaj Allianz Life Insurance Co. Ltd. | 8,855.4 | 9,508.5 | (-)6.9% | 2.9% |
| Bandhan Life Insurance Ltd. (formerly Aegon Life Insurance Co. Ltd.) | 256.4 | 167.5 | 53.1% | 0.1% |
| Bharti AXA Life Insurance Co. Ltd. | 546.7 | 501.3 | 9.1% | 0.2% |
| Canara HSBC Life Insurance Co. Ltd. | 2,039.3 | 2,185.5 | (-)6.7% | 0.7% |
| CreditAccess Life Insurance Co. Ltd. | 794.1 | 103.7 | 665.8% | 0.3% |
| Edelweiss Tokio Life Insurance Co. Ltd. | 552.5 | 409.0 | 35.1% | 0.2% |
| Future Generali India Life Insurance Co. Ltd. | 388.1 | 328.0 | 18.3% | 0.1% |
| Godigit Life Insurance Ltd. | 964.0 | 614.7 | 56.8% | 0.3% |
| HDFC Life Insurance Co. Ltd. | 30,114.4 | 24,001.8 | 25.5% | 9.8% |
| ICICI Prudential Life Insurance Co. Ltd. | 17,775.3 | 15,646.1 | 13.6% | 5.8% |
| IndiaFirst Life Insurance Co. Ltd. | 2,435.5 | 1,685.2 | 44.5% | 0.8% |
| Kotak Mahindra Life Insurance Co. Ltd. | 7,543.4 | 7,382.8 | 2.2% | 2.4% |
| PNB Metlife Life Insurance Co. Ltd. | 3,672.3 | 2,952.6 | 24.4% | 1.2% |
| Pramerica Life Insurance Ltd. | 1,188.3 | 960.5 | 23.7% | 0.4% |
| Reliance Nippon Life Insurance Co. Ltd. | 949.2 | 887.5 | 7.0% | 0.3% |
| SBI Life Insurance Co. Ltd. | 32,752.6 | 52,188.6 | (-)37.2% | 10.6% |
| Shriram Life Insurance Co. Ltd. | 1,817.6 | 1,409.1 | 29.0% | 0.6% |
| Star Union Dai-Ichi Life Insurance Co. Ltd. | 6,367.4 | 2,383.1 | 167.2% | 2.1% |
| TATA AIA Life Insurance Co. Ltd. | 8,590.0 | 7,560.0 | 13.6% | 2.8% |
| PRIVATE TOTAL | 145,325.0 | 146,389.8 | (-)0.7% | 47.1% |
| Life Insurance Corp. of India Ltd. | 162,926.7 | 189,207.7 | (-)13.9% | 52.9% |
| GRAND TOTAL | 308,251.7 | 335,597.5 | (-)8.1% |
End
Reported by Shubham Rana
Edited by Deepshikha Bhardwaj
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