Life insurance companies have reported 14 per cent year-on-year (Y-o-Y) growth in new business premiums (NBP) in September, aided by healthy growth by state-owned Life Insurance Corporation of India (LIC) and its private counterparts.
The NBP of life insurance companies amounted to Rs 35,020 crore in September, according to data provided by the Life Insurance Council. LIC’s NBP grew by 12.4 per cent Y-o-Y to Rs 203,69.26 crore. Private insurers cumulatively posted 16.37 per cent Y-o-Y growth in NBP at Rs 146,51.02 crore.
In the April-September period of FY25 (H1 FY25), life insurers posted nearly 19.5 per cent Y-o-Y growth in premiums to Rs 1.89 trillion. During this time, LIC’s premium rose by 24.7 per cent Y-o-Y to Rs 1.15 trillion, while private insurers expanded 12 per cent at Rs 73,664 crore.
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