Life Insurers’ New Business Premium Growth Falls 11.6% in February
Life insurance companies in India saw an 11.6% year-on-year (Y-o-Y) decrease in new business premiums (NBP) during February. This downturn was largely influenced by the comparatively weaker performance of the state-owned Life Insurance Corporation (LIC).
According to the Life Insurance Council, the total NBP for life insurance companies reached Rs 29,985.5 crore in February. This figure represents a decrease from the Rs 33,913.18 crore recorded in the same period last year.
LIC experienced a significant drop, with its premiums falling by 22.02% to Rs 15,513.95 crore. Conversely, private life insurance companies showed a modest growth of 3.24%, totaling Rs 14,471.62 crore.
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