Business Standard

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

insurance
Premium

NBP means the premiums acquired from new policies for a particular year

Subrata Panda Mumbai
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

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in