Mumbai: Life insurers recorded a 21.32% year-on-year growth in new business premium (NBP) in September to Rs 48,780.55 crore, supported by healthy growth from both LIC and private players, according to Life Insurance Council data.
State-owned Life Insurance Corporation of India (LIC) recorded 19.9% YoY growth to Rs 27,528.7 crore, while private life insurers together recorded 23.2% YoY growth to Rs 21,251.84 crore.
NBP is the premium received for policies sold and issued for the first time during a reporting period.
Among private insurers, HDFC Life Insurance saw 36% YoY growth to Rs 4,000.7 crore, ICICI Prudential Life posted 53.3% growth to Rs 2,700.8 crore, Bajaj Life Insurance clocked 33.19% growth to Rs 1,830.8 crore, and SBI Life Insurance saw 2% growth to Rs 4,035.17 crore.
For the April-September period of FY27, the industry’s premium rose 20.4% YoY to Rs 1.97 trillion. LIC’s premium grew 19.3% YoY to Rs 1.44 trillion, while private insurers grew 22.5% to Rs 1.01 trillion.
Industry executives said the September growth was largely driven by group single-premium business, even as individual non-single premium growth remained moderate.
