New business premium of life insurance companies rises 30% in November

Private insurers' APE growth rebounds after lagging behind for three months

Life insurance companies reported a 30 per cent year-on-year (YoY) growth in new business premiums (NBP) in November due to a stellar show by state-owned Life Insurance Corporation (LIC), even as private insurers saw their premium growth moderating.

Data released by the Insurance Regulatory and Development Authority of India reveals the life insurance industry’s NBP was to the tune of Rs 35,458 crore in November, up 30 per cent YoY.

While private sector insurers reported marginal growth of 2 per cent YoY to Rs 11,426 crore, LIC’s NBP soared 51 per cent YoY to Rs 24,032 crore during the same