Life Insurance Corporation's new business premium grows 21% in June

Life Insurance Corporation (LIC) of India’s new business premium (NBP) in June increased 21 per cent to Rs 24,970.82 crore while the private sector life insurers registered growth of 13 per cent to Rs 11,990.94 crore.

For the April-March period, LIC’s new business premium growth fell marginally to Rs 73,005 crore. Private players reported growth of 10.58 per cent to Rs 28,168 crore.

In the individual premium segment, LIC saw an increase of 0.14 per cent in June to Rs 4,294.62 crore. For the first quarter, individual premium dropped 4.37 per cent to Rs 10,439.18 crore from Rs 10,916.67 crore.

The standout performance for LIC in June was in the group yearly renewable premium category, which grew by 40.92 per cent from Rs 32.38 crore to Rs 45.63 crore. For the April-June quarter, LIC's group yearly renewable premium grew by 7.96 per cent to Rs 96.20 crore.

For the 26 private life insurers, the group yearly renewable premium for June grew by 47 per cent to Rs 933.30 crore. Group premium for private life insurers for the three months increased by 8.93 per cent to Rs 2,328.94 crore from Rs 2,137.94 crore in the same period last year.