Life insurance new business premium up 5% in May despite fewer policies
Life insurance companies sold slightly fewer policies in May, but earned more premium. The industry’s new business premium rose 5.1% year-on-year to ₹32,030.84 crore in May, up from ₹30,463.21 crore a year earlier. The growth came even as the number of policies/schemes sold stayed a tad lower.
Market leader LIC drove much of the increase. The state-owned insurer reported new business premium of ₹19,042.16 crore for the month, up 3.5% from ₹18,405.05 crore in May last year.
The data suggests higher ticket sizes or a shift toward premium products helped insurers grow revenue despite flat policy volumes. For LIC, the numbers reinforce its dominance, accounting for nearly 60% of the industry’s new business premium in May.
