LIC drives new business premiums of life insurers up 15% YoY in October

The surge in LIC's NBP was primarily driven by a 30% increase in its group single premium

Life Insurance companies reported a 15 per cent year-on-year (YoY) jump in new business premiums (NBP) in October, thanks to a healthy growth in premiums reported by state-owned Life Insurance Corporation (LIC).

Data released by Life Insurance Council shows, in October, the life insurance industry earned premiums to the tune of Rs 24,916.58 crore in October, up 15.32 per cent from the year-ago period. While private insurers premiums rose 11 per cent YoY to Rs 8,996.45 crore, LIC’s premiums were up 18 per cent to Rs 15,920.13 crore.

The healthy jump seen in LIC’s NBP was primarily driven by a