Life insurers collected 43.76 per cent higher new business premium (NBP) in December 2023 year-on-year (Y-o-Y) on the back of Life Insurance Corporation of India (LIC)'s strong performance. The NBP of LIC, which has been looking to arrest a fall in its market share, almost doubled. This was also the first month in the current financial year when market leader LIC's NBP grew. NBP refers to premium acquired from new policies for a particular period and is a key indicator of insurance sector growth.
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