 "Life insurers' new business premium up 13% in May; non-life firms rise 6.3%")
New business premium (NBP) of life insurers grew 12.68 per cent year-on-year (Y-o-Y) to Rs 30,463 crore in May, driven by the private sector.
State-owned Life Insurance Corporation (LIC) grew 10.3 per cent Y-o-Y in NBP to Rs 18,405.05 crore. Private-sector life insurers recorded a 16.6 per cent rise to Rs 12,058 crore, according to data from Life Insurance Council.
Non-life insurers reported a 6.3 per cent Y-o-Y rise in gross direct premium underwritten to Rs 22,126.72 crore, aided by growth of standalone health insurance companies. General insurers posted Rs 19,209.97 crore, up 5.72 per cent from Rs 18,170.11 crore in May 2024. Standalone health insurers recorded nearly 10 per cent Y-o-Y growth to Rs 2,916.75 crore.
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