Life insurers' new business premiums grow 4.1% in June to Rs 31,254 cr

However, in Q1, the industry posted a 40% YoY growth in new biz premiums

The life insurance industry has reported a meagre growth of 4.15 per cent in new business premiums in June, mainly due to the contraction in Life Insurance Corporation (LIC) premiums. However, in the April-June quarter (Q1FY23) life insurers saw their new business premiums (NBP) rise by 40 per cent over the same period a year ago, on account of lower base.

In June, life insurers netted Rs 31,254.55 crore as new business premiums (NBP) registered a growth of just 4.15 per cent over the same period last year. While private insurers registered 29 per cent growth in NBP to Rs