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State-owned Life Insurance Corporation (LIC) is expecting the sector it operates in to post steady growth in new business premium (NBP) by the end of the December quarter (Q3FY21), assuming the economy bounces back.
The first quarter of FY21 was a rough one for life insures because NBP contracted 18.64 per cent to Rs 49,335 crore against Rs 60,637 crore in Q1FY20 due the lockdown.
LIC’s NBP also contracted by 18.45 per cent to Rs 36,530 crore against Rs 44,794 crore while that of private insurers dropped 19.17 per cent to Rs 12,805 crore from Rs 15,842 crore.
“Economic activity, which came to
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