Life insurers’ new biz premium spikes 42%

Life insurers’ new business premium (NBP) reported good performance in November after a poor showing in October, on the back of strong growth in group single premiums for both private insurers and Life Insurance Corporation (LIC) of India. In November, 24 life insurers, including LIC, reported NBP to the tune of Rs 27,177 crore, up 42 per cent year-on-year (YoY) from the year-ago period.

Private insurers’ NBP rose 58.63 per cent YoY to Rs 11,209.75 crore as group single premiums more than doubled during this period. Private players saw their individual single premiums rise 32.5 per cent, while individual single premiums, as well as renewable premiums, posted decent growth in the same period.

NBP is the premium acquired from new policies in a particular year.

State-owned insurance behemoth LIC also posted impressive growth of 32 per cent in NBP during the same period after a muted performance in the last few months. LIC reported NBP of Rs 15,967.51 crore.

Among large private players, SBI Life witnessed exceptional growth of 150 per cent YoY in NBP, while other large entities like HDFC Life, ICICI Prudential Life, and Max Life Insurance posted NBP growth of over 25 per cent.