Life insurers' new business premiums grow 4% YoY in June after dip in May

In Q1FY22, the life insurance industry reported a 7 per cent increase (YoY) in NBP

The life insurance industry saw an improvement in premium collection in June after witnessing a 5.5 per cent drop the previous month as economic activities picked up in states amid falling Covid-19 cases.

The new business premium (NBP) of life insurers — 24 in total — rose 3.95 per cent year-on-year (YoY) to Rs 30,009.48 crore. 

NBP is the premium acquired from new policies in a particular year. The yearly group renewable premium, which jumped almost three times, aided the growth.

But when compared to the pre-pandemic period (June 2019), the NBP still lags by as much as 6.9 per cent. On a