Life insurers' new biz premium growth eases to 10% as LIC loses pace

LIC witnessed a moderation in premia because of a decline in group single premia. LIC is the largest player in the group single premium market

After witnessing strong growth in November, life insurers reported moderation in new business premium (NBP) growth in December. From a 30 per cent uptick in November, NBP growth last month slowed down to 10 per cent as state-owned Life Insurance Corporation’s premium growth decelerated from a peak.

According to data released by Life Insurance Council, the NBP of life insurance companies came in at Rs 26,838.29 crore, up 10 per cent year-on-year (YoY). While private sector life insurance companies reported premia to the tune of Rs 14,979.79 crore, up 15 per cent YoY, LIC’s premium rose 3.71 per cent to