New business premiums (NBP) of life insurance companies jumped 84 percent year-on-year (YoY) in April, propped up by 141 percent increase in initial public offering-bound insurance behemoth Life Insurance Corporation (LIC) of India’s NBP, according to the latest data released by the Life Insurance Council.
In April, the industry earned NBP to the tune of Rs 17,939 crore, compared with Rs 9,739 crore in the year-ago period. LIC’s NBP totalled Rs 11,717 crore in the same period, up 141 percent, due to a colossal rise in group single premium. Group single premium reported a 227 percent jump to Rs 8,467 crore in the period. Alternatively, private insurers saw their NBP rise 27.47 percent to Rs 6,222.91 crore, bankrolled by growth in individual non-single premiums.
Among large private sector insurers, SBI Life’s NBP was up 33.33 percent YoY in April. HDFC Life’s NBP was up 22.52 percent in the same period.