New business premiums of life insurance companies jump 84.21% in April: IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) in its latest data has showed that new business premiums (NBP) of life insurance companies jumped 84.21 per cent year-on-year (YoY) in April 2022, to Rs 17939.62 crore as compared to Rs 9738.79 crore in April 2021. NBP is the premium acquired from new policies for a particular year.

The growth was supported by 141.25 per cent increase in NBP of Life Insurance Corporation (LIC). Its NBP totalled Rs 11716.70 crore in the same period over Rs 4856.76 crore in the corresponding period of last year. On the other hand, private insurers saw their NBP rise 27.47 per cent to Rs 6222.92 crore, bankrolled by growth in individual non-single premiums.

Among large private sector insurers, SBI Life’s NBP was up 33.33 per cent YoY in April. HDFC Life’s NBP was up 22.52 per cent in the same period. ICICI Prudential Life Insurance’s NBP was up 37.59 per cent, while Bajaj Allianz's was up 23.28 per cent.