INSURANCE
Life insurance companies reports 22% growth in new business premium in February: IRDAI
Mar-15-2022

The Insurance Regulatory and Development Authority of India (IRDAI) in its data report has showed that Life insurance companies reported impressive growth in new business premium (NBP) in February 2022, after muted showing in December and January because of the third wave of the Covid-19 pandemic. The growth was driven mainly by initial public offering-bound Life Insurance Corporation (LIC) of India’s sharp jump in NBP in the same period.

New business premium of life insurers rose 22.47 per cent year-on-year (YoY) to Rs 27,464.76 crore in February 2022, as compared to Rs 22425.21 crore in February 2021. LIC’s NBP recorded a jump of 35.36 per cent to Rs 17,849.34 crore in the month under review, over Rs 12920.57 crore in the corresponding month of last year.

On the other hand, in February 2022, private insurance companies saw 4.96 per cent growth in premium at Rs 9975.79 crore from Rs 9504.64 crore in the same month last year. Aditya Birla Sun Life and HDFC Life the premiums grown by 24 per cent and 9 per cent, respectively on a year on year basis. However, ICICI Prudential Life, Kotak Mahindra Life and Max Life premiums declined by 23 per cent, 11 per cent and 5 per cent respectively.

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