Life insurers see 22% new biz premium growth in September

Life insurers showed impressive growth in new business premiums (NBP) in September over the same period last year. The NBP of life companies was up more than 22 per cent year-on-year (YoY) in September to Rs 31,001 crore.

While private insurers, 23 in total, saw their NBP go up more than 42 per cent, state-owned insurance behemoth Life Insurance Corporation (LIC) saw a 12 per cent rise. The top three private insurers–SBI Life, HDFC Life, and ICICI Prudential Life – recorded NBP growth of 30.5 per cent, 37.5 per cent, and 20.8 percent, respectively, in the same period. NBP is the premium acquired from new policies in a particular year.