New business premiums of life insurance companies jump 91% in July

This is thanks to strong premium growth by LIC

New business premiums (NBP) of life insurance companies jumped 91 per cent year-on-year (YoY) in July, thanks to strong premium growth of state-owned Life Insurance Corporation (LIC).

According to data released by the Insurance Regulatory and Development Authority of India (Irdai), life insurers reported NBP of Rs 39,078.90 crore in July. While LIC’s NBP jumped 142 per cent to Rs 29,116.68 crore year-on-year, private insurers’ NBP grew 18.5 per cent to Rs 9,962.22 crore. In June, the life insurance industry grew 4.15 per cent in NBP, mainly due to the contraction in LIC’s premiums.

NBP is the premium acquired from