Life Insurers bleed in April as Covid-19 shrinks new biz premium by 33%

Market leader LIC's new business premium down 32% to Rs 3,582 cr from Rs 5,268 cr a year ago; HDFC Life, ICICI Pru among top losers in private space

New business premium for life insurers contracted for a second straight month, with business significantly hit by the Covid-19 outbreak and subsequent lockdown.
 

In April, new business premium declined 32.6 per cent to Rs 6,728 crore, from Rs 9,928 crore for the same period last year.

Earlier in March, new business premium had declined 32 per cent to Rs 25,409 crore, from Rs 37,459 crore in March 2019.
 

For April, Life Insurance Corporation saw new business premium decline 32 per cent to Rs 3,582 crore from Rs 5,268 crore a year ago. Similarly, private insurers witnessed a decline of 33.3 per