The life insurance companies reported moderation in new business premium (NBP) growth in December. From a 30 per cent uptick in November, NBP growth last month slowed down to 10 percent as Life Insurance Corporation’s premium growth decelerated from a peak.
According to data released by Life Insurance Council, the NBP of life insurance companies came in at Rs 26,838.29 crore, up 10 per cent year-on-year (YoY). While private sector life insurance companies reported premia to the tune of Rs 14,979.79 crore, up 15 per cent YoY, LIC’s premium rose 3.71 per cent to Rs 11,858.50 crore.
Private insurers posted healthy growth in premia, aided by a 16 per cent increase in individual single and non-single premia. Even group single premia saw strong growth of around 12 per cent.