Life insurance Dec new biz premium falls 21.7% to Rs 30,218.71 crore

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Life insurance Dec new biz premium falls 21.7% to Rs 30,218.71 crore - Business Standard

Quick Summary:

LIC's premium fell 41.15 per cent Y-o-Y to Rs 13,523.87 crore, while private insurers reported 7 per cent Y-o-Y growth in NBP to Rs 16,694.

In the April-December period, NBP of the life insurance industry improved by 9.9 per cent YoY to Rs 2.75 trillion, where LIC recorded 7.16 per cent YoY to Rs 1.58 trillion.

The fall in LIC’s premium was due to a significant decline in its group single premium which halved to Rs 8,191.29 crore in December from Rs 17,601.97 crore last year.