Life insurers new biz premium rises 22%

Life insurance companies reported impressive growth in new business premium (NBP) in February, driven mainly by initial public offering-bound Life Insurance Corporation (LIC) of India’s sharp jump in NBP in the same period, fuelled by 40 % growth in group single premiums.

NBP of life insurers rose 22.47 % year-on-year (YoY) to Rs 27,464.76 crore in February, with LIC’s NBP recording a jump of 35.36 % to Rs 17,849.34 crore, and private insurers reporting a marginal 5 percent growth in the same period to Rs. 9,975.42 crore, showed the data released by the Life Insurance Council – an industry body for life insurance companies.