Life insurers had posted a 7 per cent YoY growth in NBP in FY21, compared to 21 per cent growth in FY20.
While the life insurance industry has seen muted growth of 4 per cent in new business premiums (NBP) so far, it is expected to close the financial year (FY22) with 14 per cent growth in NBP, backed a pick-up in business in the second half of the fiscal, rating agency Icra said.
“The NBP is estimated to grow 14 per cent in FY22 to Rs 3.18 trillion, as the nominal gross domestic product (GDP) is projected to grow by 16 per cent. We expect the NBP growth to accelerate in H2, as typically Q4 has always been the strongest quarter
First Published: Nov 29 2021 | 3:26 PM IST