Life insurance companies’ new business premium (NBP) rose 15.6% to Rs 60,214 crore in March.
Life Insurance Corporation (LIC), India's largest insurance company, reported 26.4% NBP growth. In the same month, private life insurance companies registered a growth of 2.35%.
In the fiscal year ended March 31, 2024 Life insurance companies experienced a slow growth rate in total premium. NBP grew by 2% to Rs 3,77,960 crore, compared to Rs 370543 a year ago period.
The public sector life insurer LIC saw its total premium decline by 4% year on year to Rs 2,22,522 crore. LIC’s individual regular premium dropped 1.2% to Rs 32,604 crore while the individual single premium fell 2.5% to Rs 24,992 crore.
Private sector companies registered a growth of 12% in FY24. SBI Life, HDFC Life, ICICI Pru, Bajaj Allianz and Tata AIA Life Insurance were among the top players in private sector.
SBI Life registered the highest growth at 29.2%, contributing half of the growth in the private sector. SBI Life's premium growth through group single premium insurance grew by 66% to Rs 13,431 crore.
The premium earned by the insurer from new contracts during a particular period is referred to as new business premium.
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