LIC effect: Life insurers' February new business premium rises 22%

NBP is the premium acquired from new policies for a particular year

After muted showing in December and January because of the third wave of the Covid-19 pandemic, life insurance companies reported impressive growth in new business premium (NBP) in February, driven mainly by initial public offering-bound Life Insurance Corporation (LIC) of India’s sharp jump in NBP in the same period, fuelled by 40 per cent growth in group single premiums.

NBP of life insurers rose 22.47 per cent year-on-year (YoY) to Rs 27,464.76 crore in February, with LIC’s NBP recording a jump of 35.36 per cent to Rs 17,849.34 crore, and private insurers reporting a marginal 5 per cent growth in the