Between 2021 and 2024, TV advertising by the BFSI sector steadily increased, with 2024 seeing the highest rise, a 35% jump compared to 2020. In 2024, ad volumes experienced a 7% increase over 2023, according to TAM data. However, this growth wasn’t sustained throughout the year, according to a report by TAM Ad Ex. After a strong first quarter, TV ad volumes declined sharply in subsequent quarters. Q2 dropped by 42%, while both Q3 and Q4 saw decreases of 35% compared to Q1.

The top 10 advertising categories dominated the landscape, accounting for 86% of total ad volumes, with Life Insurance remaining the most advertised category, followed by Mortgage Loans. Both retained their top two positions from the previous year.

Life Insurance Corporation of India led all advertisers in this segment, commanding a 12% share of ad volumes. In total, the top 10 advertisers contributed 48% of sector ad volumes on TV. New additions to this list in 2024 included SBI Life Insurance Company, State Bank of India, and Bank of Baroda.

Among brands, Muthoot Finance Loan Against Gold continued to lead for the second year running with a 10% share. National Payments Corporation of India was a notable new brand in the TV space for 2024.

Digital platforms witnessed an extraordinary surge in BFSI ad impressions. Compared to 2020, impressions grew by 8.54 times in 2022, 12.65 times in 2023, and 11.02 times in 2024. In terms of direct comparison, 2024 saw a 29% increase over 2022. Still, like TV, digital impressions declined quarter-wise in 2024—Q2 saw a 19% dip, Q3 fell by 46%, and Q4 by 41%, all relative to Q1. Securities/Sharebroking Organisations took the lead in 2024 with an 18% share, pushing Life Insurance down to second place compared to its top spot in 2023.

Health/Accidents General Insurance emerged as the only new category to enter the top list in 2024. National Payments Corporation of India topped the advertiser rankings on digital platforms with a 6% share. Collectively, the top 10 digital advertisers made up 45% of ad impressions. Brand-wise, the top performers together contributed 27% of total impressions, with UPI Chalega at the forefront. In terms of ad delivery, Programmatic buying led the way, accounting for 78% of impressions. When combined with Programmatic/Ad Network transactions, the total share reached 87%.

Print advertising in the BFSI sector also demonstrated strong momentum across the four years. Ad space in 2021 rose by 66%, followed by 93% growth in 2022, then 1.22 times expansion in 2023, and finally, a 1.71 times increase in 2024, each measured against 2020. Compared to 2023, 2024 marked a 16% growth in ad space.

Despite this overall increase, the print medium mirrored a similar intra-year trend seen in TV and digital, ad space dropped by 27% in Q2, followed by smaller declines of 2% and 4% in Q3 and Q4, respectively, when compared to Q1.

Life Insurance remained the top advertising category with a 10% share of total ad space. The top 10 categories contributed 38% overall, with Bonds and Corporate-NBFCs entering the top 10 rankings in 2024 after being 11th and 13th in 2023.

LIC of India was the top advertiser, and the top 10 advertisers collectively contributed 25% of ad space. Notably, Hyundai Motor India entered the top 10 as a new and exclusive presence in 2024.

In terms of branding, LIC dominated again. The top 10 brands represented 14% of ad space, with three LIC brands making the list. Bhim App, Hyundai Motor India – IPO, and LIC Index Plus Exclusive were among the standout brands in 2024. Remarkable movements in rankings included LIC Jeevan Utsav, AMFI, and SBI, which rose to the 3rd, 6th, and 8th positions, respectively, up from 34th, 22nd, and 102nd in 2023. Regionally, the South Zone led in print ad space, commanding 33%. At the city level, New Delhi and Mumbai were the top markets nationwide in 2024.

Radio also saw a steady increase in BFSI ad volumes from 2021 through 2024. Compared to 2020, the sector recorded growth of 27% in 2021, 26% in 2022, and 43% in 2023. In 2024, ad volumes continued the upward trend, increasing by 22% over 2023. But, similar to other media, ad volumes on radio declined post-Q1, falling by 51% in Q2, 17% in Q3, and 4% in Q4.

Life Insurance was the most advertised category, accounting for 30% of total volumes. The top 10 categories made up 88% of all BFSI radio advertising. Fixed Deposits, Personal/Professional Loans, and Credit Cards were new to the top category rankings in 2024. LIC of India once again led the advertiser list with a commanding 27% share, while the top 10 advertisers together made up 76% of total ad volumes. Among brands, LIC Housing Finance stood out with a 12% share. Collectively, the top 10 brands represented 49% of radio ad volumes. LIC Jeevan Utsav was the most notable riser, soaring to the 2nd position in 2024 from a distant 306th in 2023.