Life insurers’ August new business premium up 33% to ₹41,198 crore
India's life insurance sector saw a 33% year-on-year increase in new business premiums in August, reaching ₹41,198 crore. While premium growth was strong, the total number of policies sold experienced a slight decline.
Why it matters
This data provides critical insight into the financial health of the Indian insurance market and consumer investment trends in long-term financial products.
Life insurers in India reported a 33% year-on-year (YoY) increase in new business premium (NBP) in August to ₹41,197.78 crore, even as the number of policies and schemes sold fell 3.2% YoY to 20.76 lakh, according to the latest data released by the Life Insurance Council.
State-owned Life Insurance Corporation of India (LIC), the market leader, led the growth, with its new business premium rising more than 45% YoY to ₹23,275.43 crore. However, the number of policies and schemes sold by LIC declined to 12.70 lakh from 14.03 lakh.
Private life insurers recorded a 20% YoY jump in new business premium to ₹17,922.35 crore on the back of higher volumes, with the number of policies and schemes sold rising to 80.5 lakh from 74.27 lakh.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in