New business premiums of life insurance companies jump 37% in March

In FY22, life insurers post 13% growth in new biz premium, compared with 7.5% growth in FY21

Life insurers in March witnessed a big rise in new business premiums (NBP) -- at 37 per cent -- owing to the strong performance of initial public offering-bound Life Insurance Corporation (LIC), whose NBP rose 51 per cent over the same month in the previous year.

Also, after reporting single-digit growth in FY21, the first full year of the pandemic, the industry is back to double-digit growth in FY22, with the NBP growing at 13 per cent.

In FY22, private sector insurers rang up a growth rate of 23 per cent in NBP to Rs 1.15 trillion, while LIC saw its NBP