Indian Economy News

Life insurance firm new business premium up 44% YoY in Dec LIC's leads

  • IBEF
  • January 10, 2024

Life insurers recorded a substantial 43.76% YoY increase in new business premiums (NBP) in December 2023, primarily driven by the robust performance of market leader Life Insurance Corporation of India (LIC). The NBP of LIC, focused on stabilizing its market share, nearly doubled during this period. The life insurance industry garnered premiums totalling US$ 4.6 billion (Rs. 38,583 crore) last month, reflecting a 43.8% surge from US$ 3.2 billion (Rs. 26,838.3 crore) in the previous year. LIC, a public sector behemoth, witnessed a remarkable 93.8% surge in premiums, reaching US$ 2.8 billion (Rs. 22,981.3 crore) from US$ 1.4 billion (Rs. 11,858.5 crore), propelled by substantial growth in group business.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.