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Data released by the Life Insurance Council shows the industry racked up NBP of Rs 52,081 crore in March 2023, compared with Rs 59,608.83 crore in the year-ago period.
While private life insurance companies reported healthy growth of over 35 per cent in NBP during this period to Rs 23,364 crore, aided by a 57 per cent jump in individual non-single premiums and a 24 per cent uptick in group single premiums, state-owned LIC saw its premium dip 32 per cent to Rs 28,716 crore. In the year-ago period, LIC had earned premiums of Rs 42,319.22 crore.
Generally, the last quarter (January-March) of a financial year is the busiest period for life insurance companies as customers look to buy savings and term products to reduce their tax liability.
February saw the NBP of insurers dropping 17 per cent over the same period last year due to a fall in LIC premiums, while the private sector saw its premium go up 10 per cent.
“By March 15, one could see the tailwinds coming in because of this. I am sure when we see the final March numbers, the tailwinds will be visible,” Mahesh Balasubramanian, managing director, Kotak Life Insurance, said in an interview with Business Standard.
ICICI Prudential saw its NBP increase by 30.77 per cent. SBI Life’s premiums were up 23.14 per cent.
For the full year (2022-23), life insurers have reported a 17.91 per cent growth in NBP to Rs 3.7 trillion, with LIC premiums increasing 16.67 per cent to Rs 2.31 trillion, and private sector premiums growing 20.04 per cent to Rs 1.38 trillion.
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