New business premium of life insurance firms declines 5.5% in May

Private insurers' NBP jumped 14 per cent in May, while state-owned Life Insurance Corporation (LIC) reported a decline of 12.3 per cent

Life insurers have reported a 5.5 per cent decline in new business premium (NBP) in May 2021, compared to the same period last year.

In May, life insurers — 24 in all — amassed NBP worth Rs 12,976.99 crore compared to Rs 13,739 crore in May last year. 

The drop in NBP in May comes after a stellar increase of 44.76 per cent in April, albeit due to the low base last year. NBP is the premium acquired from new policies for a particular year.

While the private insurers’ NBP saw a 14 per cent jump in NBP in May, state insurance behemoth