New business premium of life insurers rises 13% in Oct, LIC leads

Private insurers log 18% yearly increase at Rs 13,216.51 cr, according to data

Life insurance companies reported a 13.16 per cent year-on-year (Y-o-Y) growth in new business premium (NBP), fetching Rs 30,347 crore in October though the number of policies declined sharply. Growth was largely driven by strong performance from private sector life insurers.

 

According to data from the Life Insurance Council, state-owned Life Insurance Corporation (LIC) of India saw a 9.48 per cent Y-o-Y increase in premiums, reaching Rs 17,131 crore, while private insurers reported an 18 per cent Y-o-Y rise in NBP to Rs 13,216.51 crore.

 

In April-October, NBP of the industry grew 18.56 per cent Y-o-Y to Rs 2.19 trillion. While LIC’s premium grew nearly 22.5 per cent to Rs 1.32 trillion, private sector insurers recorded a 12.9 per cent increase to Rs 86,880 crore.