MUMBAI: Life insurance companies experienced slow growth of only 2% in total premium for FY24, with a new business premium of nearly Rs 3.8 lakh crore, compared to Rs 3.7 lakh crore in FY23. This growth rate is significantly lower than the industry’s long-term growth trends, which achieved a CAGR of 12% between 2014-23.
The increase would have been even lower if not for a 41.5% surge in group premium, which now accounts for 60% of the new business premium.
The increase would have been even lower if not for a 41.5% surge in group premium, which now accounts for 60% of the new business premium.