Life insurers witness 3% yoy growth in new business premiums in August 2021

HDFC Life saw 6% yoy decline in NBP in August, SBI Life, ICICI Prudential, and Max Life saw their NBP rise by 23.9%, 43%, and 16.5% respectively.

Sep 08, 2021 02:09 IST India Infoline News Service

Life insurers witness a marginal growth of 3% yoy in NBP in August 2021 on the back of strong performance led by the private insurers. The NBP is the premium acquired from new policies in a particular year.

HDFC Life saw a 6% yoy decline in NBP in August, SBI Life, ICICI Prudential, and Max Life saw their NBP rise by 23.9%, 43%, and 16.5% respectively.

The life insurance industry reported NBP to the tune of Rs27,820.74cr in August 2021, up 2.88% yoy, despite a 3.8% yoy contraction reported by state insurance behemoth -- Life Insurance Corporation (LIC) -- in NBP as private insurers posted 21% yoy growth in NBP.

In the first quarter of FY22, the premium collection of the life insurance industry was up almost 7% to Rs52,725.26cr yoy, led by a stellar 33.73% growth registered by the private insurers. However, LIC’s NBP in Q1FY22 declined 2.5% yoy to Rs35,600.68cr.

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