The new business premium (NBP) of the life insurance industry grew 15.6 per cent in March to Rs 60,214 crore. The premium earned by an insurer from new contracts in a given period is referred to as the new business premium. The largest insurer, the Life Insurance Corporation (LIC) of India, recorded a NBP growth of 26.4 per cent. Private life insurance firms reported a growth of 2.34 per cent in the same month.
In the financial year ended March 31, 2024, NBP grew 2 per cent, mainly due to LIC, which saw a decline of 4 per cent. Private sector players reported a growth of 12 percent in FY24.
First Published: Apr 19 2024 | 11:07 PM IST
