In first half of FY20, life insurers clock 35% growth in new premium

New business premium is the premium acquired from new policies in a particular time period

In the first half of the financial year 2019-20 (April-September 2019, or H1FY20), life insurance companies saw a growth of 35 per cent in new business premium collections. While the collections grew 41 per cent for state-owned insurance behemoth Life Insurance Corporation of India (LIC), private insurers clocked a 20.88 per cent growth.

In absolute terms, the life insurance industry earned new business premiums to the tune of Rs 1.25 trillion in H1FY20, compared to Rs 93,078 crore in the same period a year ago. Of this, LIC alone amassed Rs 89,980 crore while private insurers accumulated new business premiums of