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India's first-year premiums drop 16.8% YoY in February
CareEdge Ratings attribute the decrease to the YoY decline in group premiums.
India's first-year premiums fell 16.8% YoY in February to Rs 22,848 crore (US$2.77b), data from CareEdge Ratings showed.
The decrease in group premiums, primarily LIC, and individual single premiums drove the decline in the overall first-year premium of life insurers.
LIC’s first-year premium fell 32.1% YoY to Rs 11,879.5 crore (US$1.44b) in February.
READ MORE: India poised to be 6th largest insurance market in the world by 2032
On the other hand, private insurers recorded a 10% growth, with first-year premiums rising to Rs 10,968.2 crore (US$1.33b).
“The monthly increase can be attributed to Individual Non-Single and Group Single premiums, which offset the fall in Group Non-Single and Individual Single premiums. Further, it can also be attributed to private companies pushing large value policies before the end of the fiscal year,” CareEdge Ratings stated.
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