New business premium of life insurers decline 26.93% YoY in November

In the April - November period of FY21, NBP of life insurers declined by 1.5 per cent to Rs 1.66 trillion, as against Rs 1.69 trillion in the same period last financial year

After witnessing growth in new business premiums (NBP) for four straight months starting from July, life insurance companies saw their NBP decline almost 27 per cent in November, with state owned insurance behemoth Life Insurance Corporation (LIC) dragging the industry performance.

In November, the NBP of the industry totaled Rs 19,159.31 crore, compared to Rs 26,221.24 crore in the same period last financial year (FY20). While private insurers saw their NBP decline 5.15 per cent to Rs 7,066.65 crore, LIC’s NBP declined more than 35 per cent to Rs 12,092.66 crore. In the same period last financial year, LIC had