New business premium of life insurance companies declines 25% in May

For the most part of April and May, the country was in a lockdown and businesses found it difficult to conduct their operations, despite some relaxations from the government


As of May, LIC has the largest share in the life insurance market with 67.39 per cent of the pie

Subrata Panda Mumbai
For the second consecutive month in 2020-21 (FY21), new business premiums (NBP) of life insurance companies have recorded negative growth owing to Covid-related disruptions.

In May, NBP of life insurers contracted 25.4 per cent to Rs 13,739 crore, from Rs 18,414 crore in the same period a year ago.

In the first two months of FY21, life insurers saw their NBP fall almost 30 per cent to Rs 20,466.76 crore, compared to Rs 28,395.90 crore in 2019-20.

First Published: Jun 09 2020 | 5:30 PM IST

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