New business premium (NBP) of life insurance companies in India slid 11.58% in February to ₹29,985.58 crore from ₹33,913.18 crore a year ago.
It was the fourth month consecutively when they reported a decline in their new business. For 11 months of the fiscal, the mobilisation, however, remained positive. Life Insurance Council numbers show NBP up to February was 5.71% higher at ₹3,35,897.67 crore (₹3,17,746.71 crore).
In February, private life insurers fared better as market leader, State-owned Life Insurance Corporation of India’s NBP was 22% lower at ₹15,513.95 crore (₹19,896.01 crore). For the 11 months, LIC’s new business premium was 1.90% higher at ₹1,89,762.58 crore (₹1,86,222.37 crore)
NBP of private life insurers for February rose 3.24% year on year to ₹14,471.62 crore (₹14,017.17 crore), while for the 11 months it was 11.11% higher at ₹1,46,135.09 crore (₹1,31,524.34 crore).
The Council said the 5.71% increase in NBP underwritten by Indian life insurers for the 11 months reflect the steady progress in the sector. The growth was driven by a strong demand for enhanced insurance protection from individual consumers. In February, the industry added 1,941,272 new policies.
Published – March 11, 2025 09:10 pm IST
