New business premium of life insurance firms sees tepid growth

NBP of the overall industry in January reported a marginal 2.65 per cent growth to Rs 21,957.04 crore over the same period a year ago.

Life insurers reported muted growth in new business premiums (NBP) in January after a tepid showing in December, owing to single-digit growth in private insurers' NBP and degr­owth in initial public offering-bound Life Insurance Corpor­ation (LIC) of India’s NBP.

The third wave of the pandemic, attributed to the Omicron variant, was at its peak in January and could have impacted life insurers’ performance. Also, many insurers, particularly in the private space, increased their term plan premiums during this period, which could have had an impact on business.

NBP is the premium acquired from new policies for a particular year.

NBP of the overall