Top four insurers covered 14 mn fewer lives in FY25

Some of the leading life insurance companies have reported a sharp decline in the number of lives covered in FY25, largely due to a slowdown in credit-linked life insurance policies.

- AATHIRA VARIER

Stress in the microfinance segment has reduced loan disbursements and, in turn, the flow of new customers to insurers. On a net basis, the top four insurers reported a drop of around 14 million lives covered — across both retail and group segments — in FY25 compared to FY24.

Data from insurers' annual reports show ICICI Prudential Life Insurance covered 91.74 million lives in FY25, down from 96.91 million in FY24. HDFC Life Insurance slipped to 50 million from 66 million, while SBI Life stayed flat at 80.2 million.

(LIC), however, bucked the trend, reporting an increase in the number of lives covered to 92 million in FY25, from 84.8 million a year ago.