Sales of NSG policies showed a sharp fall in the first quarter of 2025
In January -March 2025, sales of cumulative life insurance policies (NSG) showed a sharp decrease against the background of the abolition of tax benefits. At the same time, sales of investment life insurance policies (IDS) have reached a maximum in six years. According to experts, this is due to both the desire of customers to purchase contracts against the background of a high key rate, and the activation of the work of insurers. The shared life insurance that is being replaced by these financial products is still in demand.
According to the results of the first quarter of 2025, the collections of storage insurance of life collapsed almost three times compared to the fourth quarter of 2024 and amounted to 230 billion rubles. These follows from the data of the All -Russian Union of Insurers (VSS). In previous years, the indicators of the first quarter also showed a decrease compared to the fourth, but not so significant, and in 2024 showed an increase of 5%. At the same time, it is worth noting that sales of NSG policies in the third and fourth quarter of 2024 two to four times higher than the annual indicators of past years. As the partner B1 Tatyana Samsonova explains, the collapse of the NSG sales is due to the fact that tax benefits for the product have ceased to operate from January 1, 2025. “Previously, a significant part of investment income under life insurance contracts was not taxed, which was a serious advantage compared to deposits, however, after the cancellation of the tax benefit, the incentive to give preference to the NSG decreased,” she explains.
At the same time, sales of PST policies continued on systematic growth and reached 206 billion rubles, by 10% exceeding the fourth quarter of 2024 and four times – an annual limitation indicator.
Experts associate such a dynamics with the switching of companies to sell this product against the background of a fall in the sales of the NSS (although it did not compensate for them), as well as with the upcoming termination of sales of this financial product. “The possibilities of acquiring ISS products in 2026 will no longer be,” says Gleb Yakovlev Vice President Gleb Yakovlev. “One of the key aspects of the attractiveness of the ISG is a high key rate of the Central Bank (21%). It remains at this level for the third or fourth meeting in a row, and there are positive forecasts for its reduction. Therefore, the policyholders are trying to have time to “jump into the last car,” said Nikita Evseenko, director of the Revings Insurance Department.
In addition, insurers are also interested in ISS more than in the NSG. According to independent expert Andrei Barhota, along with the slow launch of shared life insurance (DSG, sales in the first quarter of 2025 amounted to only 43 thousand rubles.) The market participants clearly intensified the services of LSU to collect more premiums for a more profitable and understandable product for them. Tatyana Samsonova draws attention to the fact that the premium for them « is taken into account in statistics in proportion to the number of renegotages of such agreements, which creates the effect of growth growth with a practically unchanged number of existing agreements. » At the same time, ISZH is less than 1.5 million rubles. Now it is practically not proposed, notes Mr. Yakovlev.
At the same time, from the beginning of the year the sale of PSG policies (See “Kommersant” dated January 9), according to experts, it is difficult, since it comes into competition with traditional investment tools, while the advantages for the final investor are not obvious.
In particular, the choice of investment tools is limited, funds are frozen for a long time, they indicate.
Against this background, experts admit that the training camps will show growth according to the results of 2025. “If you take as a basis the scenario of reducing interest rates, then in the third and fourth quarters the annual growth rate of ISZH will slow down, but the volume of sales will grow more than two times,” says Mr. Barhota.
The insurers also offered the Central Bank to launch a new, more risky life insurance product with the investment component. The possible modification of ISS is discussed in terms of increasing the requirements for policyholders by analogy with the status of a qualified investor among brokers. In this category, higher prizes (from 10 million rubles. See “Kommersant” from April 2).
