 "Life insurers log 15.6% growth in new biz premium in March, shows data")
The new business premium (NBP) of the life insurance industry grew 15.6 per cent in March to Rs 60,214 crore. The premium earned by an insurer from new contracts in a given period is referred to as the new business premium. The largest insurer, the Life Insurance Corporation (LIC) of India, recorded a NBP growth of 26.4 per cent. Private life insurance firms reported a growth of 2.34 per cent in the same month.
In the financial year ended March 31, 2024, NBP grew 2 per cent, mainly due to LIC, which saw a decline of 4 per cent. Private sector players reported a growth of 12 percent in FY24.
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