New life insurance premiums business up 45% to Rs 9,739 crore
Life insurance companies saw a 44.76 percent increase in the new business premium (NBP) in April due to the weak base during the same period last year.
While the NBP of private insurers, 23 in total, increased 55.18 percent from the same period last year, the state-owned Life Insurance Corporation (LIC) recorded growth of 35.6 percent.
In April 2020, life insurers had seen a 32% drop in the NBP due to the strict lockdown imposed to control the spread of the coronavirus.
Major private life insurers reported robust growth from NBP in April, with ICICI Prudential growing 151%, HDFC Life 78% and Max Life 102%.
Life insurers ended the previous year (FY21) on a high note, defying expectations that the sector could experience a contraction in FY21. In March, life insurers’ GNP rose 70 percent year over year. In FY22, experts expect increased insurance awareness, a digital push for insurance and higher premiums for term plans that could drive premiums for insurance companies -life.
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