Life insurance companies New Business Premium (NBP) income rose 61.23% to Rs 20,258.86 crore in April 2024, as against Rs 12,565.31 crore in the same period during the last year.
According to the latest data released by the Life Insurance Council, the growth in New Business Premium (NBP) was mainly due to group single premium which rose over 126.33% at Rs 11715.42 crore in April , against Rs. 5176.23 crore in the same period last year.
The industry showed a growth of 19.05% in the number of policies sold in individual single Premium plans and 10.31% growth in individual non-single premium plans, the data showed.
This strong growth was primarily driven by a 113% increase in premium collection by LIC in April 2024. The total premium collected by LIC in April 2024 was Rs 12,383.64 crore, while the premium collected in April 2023 was Rs 5,810.10 crore.
The private players witnessed a slower growth in April, Among the large players, SBI Life was the largest private life insurer and its premium grew by approximately 26.30% in the given period.
HDFC Life's NBP saw a marginal rise of 4.31%, while other private sector players also witnessed healthy growth. ICICI Prudential Life Insurance's premia increased by 28.13%, Bajaj Allianz Life swelled by 25.20%, and Max Life Insurance's premium climbed by around 41%.
New business premium is the premium earned by issuing new insurance policies in a year.
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