LIC's tepid show pulls life insurers' new business premium down 5% in Oct

Private life insurers total APE and individual APE up 19% and 23% respectively

After recording impressive growth in September, new business premiums (NBP) of 24 life insurance companies degrew 5 per cent year-on-year (YoY) in October, mainly due to Life Insurance Corporation (LIC) of India’s muted performance.

In October, the industry received NBP to the tune of Rs 21,606 crore, down 5.14 per cent YoY from the year-ago period. While private insurers’ NBP recorded double-digit growth of 12 per cent to Rs 8,105.46 crore, LIC’s NBP degrew more than 13 per cent to Rs 13,500.78 crore due to massive decline in individual single premiums and muted growth in group single premiums.

NBP is the premium