5% reduction in new business premiums for life insurance companies

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MUMBAI: New business premiums (NBPs) of six life insurers have fallen by 3 per cent year-on-year in October after showing healthy growth in September. The main reason is the poor performance of LIC.

In October, the insurance industry received Rs. The new business premium stood at Rs 21,608 crore, down 2.18 per cent from the same period last year. Meanwhile, the NBP of private insurers grew by 12 per cent year-on-year to Rs. On the other hand, LIC's premium fell by more than 15 per cent to Rs. 1,200.5 crore, mainly due to reduction in individual single premium and stability in group premium.

NBP is the premium matched to the new policy for a particular year. Among the major private insurers, HDFC Life, ICICI Prudential Life and Max Life's new business premium rose by double digits in October.

On an annualized premium equivalent (APE) basis, the total APEs of private insurers grew by 12% and individual APEs by 5%. Of course, the APEs of private insurers have declined on a monthly basis.

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