After witnessing year-on-year drop in premiums for the last four months, life insurance companies are finally in the green. New business premium (NBP) of life insurers grew 6.86 per cent in July to Rs 22,986 crore, compared to Rs 21,509 crore in the corresponding period a year ago. It was, largely driven by private insurers’ performance.
Private insurers, 23 in total, amassed NBP to the tune of Rs 7,815 crore in July, up 26 per cent from Rs 6,197 crore in the same period last year. State-owned insurance behemoth – Life Insurance Corporation – was still in the red, with 0.92 per cent drop in NBP to Rs 15,170.95 crore in July 2020, compared to Rs 15,311.87 crore.
