Life Insurers Post Double-Digit Growth In May Premiums, Private Players Lead

The life insurance industry in India registered a year-on-year growth of 12.68% in new business premiums to ₹304.63 billion in May 2025, according to data from the Life Insurance Council. In the first two months of the financial year, new business premium collections reached ₹524.27 billion, marking a 10.86% increase over the same period last year.

Growth was evident across both individual and group business segments. Individual single premiums rose 5.21% year-on-year to ₹35.25 billion in May, while non-single premiums stood at ₹70.86 billion, showing a 2.45% increase. Combined, individual premium collections recorded a 3.35% monthly growth and 2.46% on a year-to-date basis.

Group policy premiums played a major role in the overall increase. Single premiums in this category grew 13.09% to ₹180.68 billion in May, while total group premium collections rose 18.40% year-on-year. This segment appears to have offset slower momentum in individual non-single premiums.

Overall, private players recorded a 17% rise in May premiums, surpassing the industry average. Axis Max Life Insurance posted a 26% increase in premiums. Its total annualised premium equivalent rose 28%, while retail annualised premium equivalent grew 25%.

HDFC Life Insurance reported a 33% jump in May premiums. Total annualised premium equivalent increased 19%, and retail annualised premium equivalent rose 15%, despite a high comparison base from May 2024. ICICI Prudential Life saw moderate growth, with a 7% increase in premiums and a 1% rise in total annualised premium equivalent. Retail collections, however, declined 14%.

SBI Life Insurance reported a 25% rise in premiums, supported by a 13% growth in total annualised premium equivalent and a 4% increase in retail collections. The Life Insurance Corporation of India, the sector’s largest player, recorded an 11% growth in premiums and a 21% rise in total annualised premium equivalent. Retail annualised premium equivalent declined 7%, pointing to heavier reliance on group business.