Life insurers' new business premia up 18% in August despite large base

In FY23, so far, non-life insurers have reported a 19 per cent growth in premia to Rs 1.02 trillion

Life insurance companies reported an 18 per cent year-on-year (YoY) growth in new business premia in August, despite a large base, because of healthy growth in premia of private sector insurers.

The data put out by the Life Insurance Council shows life insurer’s reported new business premia (NBP) to the tune of Rs 32,856.38 crore in August. While private sector insurers’ NBP increased by 24 per cent to Rs 10,974.25 crore, Life Insurance Corporation (LIC) NBP rose 15 per cent to Rs 21,882 crore.

Private insurers witnessed strong growth in premia owing to a healthy rise in group single premia