Page 16 - The Insurance Times June 2025

Officer, will hold office until March immediate financial relief. The expected to impact the overall margin
2028. Two current MDs, M Jagannath initiative underscores LIC's mix across insurers in the near term.
and Tablesh Pandey, will exit by May- commitment to supporting its
end, while the terms of Sat Pal Bhanoo policyholders in times of crisis. LIC Drives Industry-Wide
and R Doraiswamy will end in Claimants can visit the nearest LIC
December 2025 and August 2026 branch, division office, or customer Growth in New Business
respectively. Mohanty, the first MD & service zone for assistance. Premiums in April
CEO post-amendment to the LIC Act in Life insurers in India posted an 8.43%
2021, initially served as Chairman Sharp Decline in Number rise in new business premiums (NBP)
before the role was phased out. This of Life Insurance Policies for April 2025, thanks largely to LIC's
leadership transition is expected to robust performance. According to Life
bring strategic continuity while Sold in FY25 Insurance Council data, total industry
aligning LIC's long-term growth with The number of life insurance policies sold NBP rose to Rs. 21,965.73 crore.
regulatory reforms. in FY25 dropped significantly by 7.39%
year-on-year to 2.70 crore from 2.92 LIC contributed Rs. 13,610 crore,
LIC to Fast-Track Death crore in FY24. The decline was primarily marking a 9.9% year-on-year increase,
while private insurers together saw a
driven by an 8.01% fall in individual non-
Claims for Terror Attack single premium policies. LIC saw a sharp 6% rise, bringing in Rs. 8,355 crore. This
Victims 12.8% drop in policy count to 1.78 crore, rebound follows a subdued FY25
while private insurers recorded a 5.19% performance, with LIC's scale and
The Life Insurance Corporation of India outreach playing a crucial role in lifting
increase to 92.5 lakh.
(LIC) has announced fast-track the overall premium figures for the
processing of death claims for victims of Analysts at CareEdge attribute the sector.
the recent terrorist attack in Pahalgam. overall decline to the implementation of
In a compassionate gesture, LIC stated new surrender value norms in October Prashant Tripathy to step
that in lieu of a standard death 2024. Private players appear to have down as Axis Max Life MD
certificate, any official documentation adapted more quickly, focusing on
from government sources indicating the higher-value policies to offset volume & CEO in September
death, or proof of compensation from decline and preserve premium income. Axis Max Life Insurance on Wednesday
state or central authorities, will be Group single premium growth fell said that its current managing director
accepted to process claims. steeply by 24.11%, while group yearly and chief executive officer (MD & CEO),
LIC has assured that it will proactively renewable premium also declined by Prashant Tripathy, has decided to take
reach out to affected families and 13.29%. Despite lower policy volumes, early retirement and will step down
expedite settlements to provide the shift toward higher-value policies is from his position at the end of the
September quarter. Accordingly, the
company’s board will initiate the
Life Insurers See 8.43% Growth in New Business process to identify his successor, subject
Premiums in April 2025 to the necessary regulatory approvals.
India's life insurance sector reported an 8.43% year-on-year rise in new In September 2023, Tripathy was
business premiums (NBP) in April 2025, reaching Rs. 21,965 crore, up from reappointed as the MD & CEO of Axis
Rs. 20,258 crore a year ago, according to the Life Insurance Council. The Max Life for a period of five years, until
growth was mainly driven by LIC, which posted a 9.9% jump in NBP to Rs. December 2028.
13,610 crore. Private life insurers grew at a more modest 6%, with premiums “…I hereby express my desire to retire
at Rs. 8,355 crore. early from my position as the MD &
CEO of Axis Max Life to devote time to
HDFC Life led the private pack with 23.37% growth, followed by Axis Max
Life (17%) and ICICI Prudential (10%). SBI Life showed flat growth at 0.3%, my personal pursuits and priorities,”
while Tata AIA and Bajaj Allianz grew 2.2% and 4.4% respectively. Analysts Tripathy said in his letter to the board
suggest that softening interest rates and market volatility may support of directors seeking early retirement.
The board has approved his request,
demand for traditional savings products, though ULIP sales remained strong
Max Financial Services—the holding
in Q4 FY25. Despite strong premium growth, mixed trends were observed
company of Axis Max Life Insurance—
in annualised premium equivalent (APE) and retail APE across insurers.
said in an exchange notification. T
The Insurance Times June 2025 15