Life insurance companies have seen a 44.76 per cent rise in new business premium (NBP) in April due to low base in the same period last year.
While the NBP of private insurers, 23 in total, grew 55.18 per cent over the same period last year, state-owned Life Insurance Corporation (LIC) reported 35.6 per cent growth.
In April 2020, the life insurers had seen a 32 per cent drop in NBP due to the strict lockdown imposed to check the spread of coronavirus.
Top private life insurers have reported robust growth in NBP for April, with ICICI Prudential clocking 151 per cent growth, HDFC Life 78 per cent growth, and Max Life 102 per cent.
The life insurers ended the previous financial year (FY21) on a high, defying expectations that the sector might see a contraction in FY21. In March, the NBP of life insurers grew by 70 per cent year-on-year. In FY22, experts expect increased awareness of insurance, a digital push for insurance, and an increase in term plan premiums could drive the premiums for life companies.
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