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NBP growth for Private Insurers and LIC picks up in July 2025

11 Aug 2025 , 09:36 AM

JULY 2025 – NBP IMPROVES FOR LIC AND PRIVATE INSURERS

The growth in NBP (new business premium) was affirmatively positive for LIC and for private insurers in July 2025. While the NBP of private insurers grew 22.02% yoy, LIC also saw strong NBP growth of 22.72%, leading to an overall growth in NBP of 22.42% for July 2025. For the first 4 months of FY26, NBP expanded 9.01% overall, with LIC contributing 8.11% and private insurers 10.50%. For LIC and private insurers, bulk of the growth came from Group Yearly Renewable Premiums. Here is a quick look at July 2025 insurance story.

JULY 2025 NBP GROWS 22.42%, FY26 GROWS 9.01%

The table captures new business premium (NBP) growth of life insurers for July 2025.

PARTICULARS	NBP (Jul-25)	NBP (Jul-24)	Growth YOY (%) Jul-25 / Jul-24	Growth YOY (%) FY26 / FY25
Individual Single Premium	5,506.81	4,610.66	19.44%	14.09%
Individual Non Single Premium	10,051.05	9,170.53	9.60%	6.02%
Group Single Premium	21,280.53	16,435.24	29.48%	7.72%
Group Non Single Premium	366.33	684.77	-46.50%	-50.24%
Group Yearly Renewable Premium	1,753.32	921.49	90.27%	69.51%
Grand Total Premium Flows	38,958.05	31,822.69	22.42%	9.01%
PRIVATE INSURANCE COMPANIES
Individual Single Premium	2,124.90	1,843.54	15.26%	8.12%
Individual Non Single Premium	7,387.50	6,458.08	14.39%	10.30%
Group Single Premium	5,364.24	4,272.91	25.54%	5.32%
Group Non Single Premium	10.48	8.97	16.83%	82.16%
Group Yearly Renewable Premium	1,453.29	808.57	79.74%	44.64%
Private Insurer Premium Flows	16,340.41	13,392.07	22.02%	10.50%
LIC OF INDIA
Individual Single Premium	3,381.91	2,767.12	22.22%	18.74%
Individual Non Single Premium	2,663.56	2,712.45	-1.80%	-3.38%
Group Single Premium	15,916.29	12,162.34	30.87%	8.39%
Group Non Single Premium	355.86	675.80	-47.34%	-53.38%
Group Yearly Renewable Premium	300.02	112.92	165.69%	318.20%
LIC Premium Flows	22,617.64	18,430.63	22.72%	8.11%

Data Source: Life Insurance Council (New Business Premiums – NBP figures are ₹ in Crore)

There are 2 quick takeaways from the NBP data for July 2025 and FY25 till date.

For the month of July 2025, the growth in new business premiums (NBP) has been robust across private insurers and LIC. Bulk of the contributions came from Group yearly renewable premiums. Private insurers showed more stable growth across life insurance products. However, this sharp growth can be attributed to a lower base.
Overall premium collections for July 2025 was higher YOY, but lower MOM at ₹38,958 Crore. Private insurers saw their share of NBP rising to 41.94% in July 2025; compared to 33.4% in June, 39.6% in May, 38.0% in April, and 39.9% in March 2025. The share of LIC was down correspondingly to 58.06% in July 2025; compared to 66.6% in June, 60.4% in May, 62.0% in April, and 60.1% in March 2025.

On an absolute basis, the new business premiums are lower in July compared to June; but sharply higher yoy. The coming months could give a clearer picture.

LIC AGAIN WITNESSES SHARP CONTRACTION IN POLICIES SOLD

In terms of number of policies sold, LIC saw a sharp contraction in July, but private insurers managed positive growth in policy sales.

PARTICULARS	Policies (Jul-2025)	Policies (Jul-2024)	Growth YOY (%) Jul-25 / Jul-24	Growth YOY (%) FY26 / FY25
Individual Single Premium	1,27,879	1,30,517	-2.02%	-2.74%
Individual Non Single Premium	21,48,432	22,53,715	-4.67%	-8.67%
Group Single Premium	206	305	-32.46%	-19.33%
Group Non Single Premium	443	456	-2.85%	-2.74%
Group Yearly Renewable Premium	1,285	3,727	-65.52%	-45.47%
Grand Total No. of Policies	22,78,245	23,88,720	-4.62%	-8.42%
PRIVATE INSURANCE COMPANIES
Individual Single Premium	30,640	24,964	22.74%	14.04%
Individual Non Single Premium	7,84,375	7,35,240	6.68%	1.12%
Group Single Premium	190	244	-22.13%	-12.42%
Group Non Single Premium	26	12	116.67%	124.32%
Group Yearly Renewable Premium	686	651	5.38%	5.29%
Private Insurer No. of Policies	8,15,917	7,61,111	7.20%	1.58%
LIC OF INDIA
Individual Single Premium	97,239	1,05,553	-7.88%	-7.78%
Individual Non Single Premium	13,64,057	15,18,475	-10.17%	-13.61%
Group Single Premium	16	61	-73.77%	-45.37%
Group Non Single Premium	417	444	-6.08%	-6.14%
Group Yearly Renewable Premium	599	3,076	-80.53%	-59.31%
LIC No. of Policies	14,62,328	16,27,609	-10.15%	-13.34%

Data Source: Life Insurance Council (Number of Policies are absolute figures)

Here are quick life insurance takeaways for July 2025 in terms of number of policies sold.

The overall insurance sector saw a fall in number of policies sold at -4.6% for July 2025. While the number of policies sold by LIC fell by -10.2%, the policy sales by the private players actually expanded by 7.2%.
Overall policies sold for July 2025 were sharply higher MOM at 22.78 Lakhs, but was lower on yoy basis. Private insurers saw their share of number of policies sold fall to 35.8% in July 2025; compared to 37.7%, 36.1%, and 36.7% in the preceding 3 months. LIC saw its share of policies sold marginally improve to 64.2% in July 2025.

Let us turn to how the NBP of 5 largest private life insurers grew in July 2025.

NBP TRENDS: TOP 5 PRIVATE INSURERS BY NBP IN JULY 2025

In July 2025, 5 private insurers saw new business premium (NBP) of over ₹1,000 Crore, with overall NBP rising by 22.02% yoy. The top 5 private insurers account for 67.1% of NBP.

SBI LIFE INSURANCE COMPANY	Jul-25 NBP (₹ in Crore)	Jul-24 NBP (₹ in Crore)	YOY Growth (in %)
Individual Single Premium	829.53	704.51	17.75%
Individual Non Single Premium	1,717.38	1,580.88	8.63%
Group Single Premium	1,116.63	637.68	75.11%
Group Non Single Premium	1.56	3.35	-53.43%
Group Yearly Renewable Premium	137.48	69.19	98.70%
Total	3,802.57	2,995.61	26.94%