Invest wise with Expert advice

Oct-25 robust for NBP growth at LIC as number of policies double

11 Nov 2025 , 09:35 AM

LIC BETTERS PRIVATE INSURERS IN NBP GROWTH IN OCTOBER 2025

For the second month in a row, LIC saw expansion in new business premium (NBP). More importantly, there were 2 key features. Firstly, the NBP growth at 12.5% was almost at par with September. Secondly, after a long gap, LIC managed to grow NBP at a slightly higher rate than private insurers. Private insurers NBP grew at 11.5% in October 2025, resulting in combined NBP growth at 12.1%. For LIC, the positive thrust came from Group non-Single Premium Policies and Individual single & non-single premium policies. Private insurers did better in individual policies than group policies. Here is the October 2025 insurance story.

OCTOBER 2025 LIFE NBP GROWS 12.1%, FY26 GROWS 8.3%

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

PARTICULARS	NBP (Oct-25)	NBP (Oct-24)	Growth YOY (%) Oct-25 / Oct-24	Growth YOY (%) FY26 / FY25
Individual Single Premium	3,961.99	3,397.07	16.63%	6.44%
Individual Non Single Premium	8,870.52	7,453.50	19.01%	4.34%
Group Single Premium	19,498.66	18,258.37	6.79%	7.77%
Group Non Single Premium	610.07	147.65	313.19%	34.73%
Group Yearly Renewable Premium	1,065.71	1,091.00	-2.32%	51.19%
Grand Total Premium Flows	34,006.95	30,347.60	12.06%	8.25%
PRIVATE INSURANCE COMPANIES
Individual Single Premium	1,685.35	1,661.15	1.46%	5.00%
Individual Non Single Premium	6,343.67	5,476.80	15.83%	9.11%
Group Single Premium	5,779.36	5,129.67	12.67%	13.61%
Group Non Single Premium	3.50	8.42	-58.43%	119.83%
Group Yearly Renewable Premium	921.06	940.46	-2.06%	41.10%
Private Insurer Premium Flows	14,732.94	13,216.51	11.47%	12.10%
LIC OF INDIA
Individual Single Premium	2,276.64	1,735.92	31.15%	7.53%
Individual Non Single Premium	2,526.85	1,976.70	27.83%	-6.49%
Group Single Premium	13,719.30	13,128.70	4.50%	5.96%
Group Non Single Premium	606.57	139.23	335.66%	31.54%
Group Yearly Renewable Premium	144.65	150.54	-3.91%	85.46%
LIC Premium Flows	19,274.01	17,131.09	12.51%	5.73%

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

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

For the month of October 2025, the growth contribution came from the private insurers and largely from LIC. In the case of LIC, Group non-Single Premiums led the way, followed by Individual single and individual non-single policies. In the case of private insurers, while individual policies saw expansion, there was contraction in group policies.
There was a tapering in premium collections for October 2025 at ₹34,007 crore; compared to ₹40,207 Crore in September, ₹30,959 Crore in August, and ₹38,958 Crore July 2025. It was sharply higher yoy. Private insurers saw their share of NBP improve to 43.3% in October 2025; compared to 42.9% in September, 48.2% in August, 41.9% in July and 33.4% in June 2025. The share of LIC came down correspondingly to 56.7% in October 2025; compared to 57.1% in September and 51.8% in August 2025. Private insurers have hovered around the half-way mark in terms of NBP collections.

On an absolute basis, the new business premiums are meaningfully higher than the year-ago period; although it has lagged sequentially.

LIC MORE THAN DOUBLES POLICY COUNT IN OCTOBER 2025

In terms of number of policies sold, LIC saw a sharp turnaround in October 2025 with policies sold more than doubling; with private insurers lagging for a change.

PARTICULARS	Policies (Oct-25)	Policies (Oct-24)	Growth YOY (%) Oct-25 / Oct-24	Growth YOY (%) FY26 / FY25
Individual Single Premium	1,04,697	69,897	49.79%	-2.75%
Individual Non Single Premium	18,47,303	11,28,733	63.66%	-8.18%
Group Single Premium	333	210	58.57%	-0.29%
Group Non Single Premium	282	364	-22.53%	-10.06%
Group Yearly Renewable Premium	1,381	2,010	-31.29%	-51.80%
Grand Total No. of Policies	19,53,996	12,01,214	62.67%	-7.96%
PRIVATE INSURANCE COMPANIES
Individual Single Premium	33,526	23,842	40.62%	19.54%
Individual Non Single Premium	6,60,035	6,03,754	9.32%	0.87%
Group Single Premium	204	210	-2.86%	-7.46%
Group Non Single Premium	9	21	-57.14%	39.76%
Group Yearly Renewable Premium	483	469	2.99%	4.01%
Private Insurer No. of Policies	6,94,257	6,28,296	10.50%	1.52%
LIC OF INDIA
Individual Single Premium	71,171	46,055	54.53%	-9.36%
Individual Non Single Premium	11,87,268	5,24,979	126.16%	-12.75%
Group Single Premium	129	0	N.A.	37.05%
Group Non Single Premium	273	343	-20.41%	-11.56%
Group Yearly Renewable Premium	898	1,541	-41.73%	-65.33%
LIC No. of Policies	12,59,739	5,72,918	119.88%	-12.63%

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

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

The overall insurance sector saw 62.7% spike in number of policies sold, led by LIC policy growth at 119.9% in October 2025. Compared to the frenetic growth of LIC, the growth in number of policies sold by private insurers appeared timid at 10.5%.
Overall policies sold for October 2025 were lower MOM at 19.54 Lakhs; compared to 22.06 Lakhs in September, and 21.46 Lakhs in August 2025. Private insurers saw their share of number of policies sold fall sharply to 35.5% in October 2025; compared to 38.5% in September. LIC saw its share of policies rise to 64.5%.

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

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

In October 2025, 5 private insurers saw new business premium (NBP) collections of over ₹1,000 Crore, with overall NBP rising 11.5% yoy. The top 5 private insurers account for 68.2% of overall private sector insurance NBP.

SBI LIFE INSURANCE COMPANY	Oct-25 NBP (₹ in Crore)	Oct-24 NBP (₹ in Crore)	YOY Growth (in %)
Individual Single Premium	674.33	633.69	6.41%
Individual Non Single Premium	1,628.43	1,363.09	19.47%
Group Single Premium	823.34	596.43	38.04%
Group Non Single Premium	0.54	0.88	-38.64%
Group Yearly Renewable Premium	58.37	54.29	7.52%
Total	3,185.01	2,648.38	20.26%