News From Press Life insurers see 2.7% contraction in December premium collection

Life insurers see 2.7% contraction in December premium collection

Top private insurers such as HDFC Life, ICICI Life, and Max Life Insurance registered double-digit growth in December

Business Standard Jan 9, 2021

The life insurance industry saw a 2.7 per cent contraction in premium collection in December, a second consecutive month of decline.Insurers earned new business premiums (NBP) of Rs 24,383.42 crore during the month, compared to Rs 25,079.79 crore in December 2019. While private insurers, 23 in total, recorded a 22 per cent growth rate, state insurance behemoth, Life Insurance Corporation, saw its NBP contract 15 per cent. NBP is the premium acquired from new policies in a year.

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