Life Insurers Report 5.7% Premium Growth
Life insurance companies experienced a mixed financial performance during the fiscal year, according to recent reports. While February saw an 11.6% year-on-year (Y-o-Y) decrease in new business premium (NBP), the period from April to February (FY25) showed overall growth.
The decline in February’s NBP was largely attributed to a relatively weaker performance by the state-owned Life Insurance Corporation (LIC), which reported a significant 22% drop in premium. However, during the April-February period, life insurers collectively saw a 5.71% Y-o-Y increase in premiums, reaching a total of Rs 3.35 trillion.
LIC’s premium rose by a modest 1.90% to Rs 1.90 trillion during the same period. Private insurers, on the other hand, demonstrated stronger growth, with an 11.11% increase, totaling Rs 1.46 trillion.
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