News From Press Life insurance industry's new business premium grew 15.5% in May

Life insurance industry's new business premium grew 15.5% in May

Source: BS Jun 11, 2024

The life insurance industry’s new business premium (NBP) increased by 15.5 per cent year-on-year (Y-o-Y) in May 2024, aided by growth across segments, according to Life Insurance Council’s data.

The industry earned premiums worth Rs 27,034.2 crore in May 2024 compared to Rs 23,477.8 crore in the year-ago period. LIC’s premiums increased by 18.7 per cent to Rs 16,690 crore in May 2024 from Rs 14,056.3 crore a year ago on the back of strong growth in its group business.

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