Summary:
Life insurance companies reported a 14% year-on-year growth in new business premiums (NBP) for September, driven by strong performances from the state-owned Life Insurance Corporation of India (LIC) and private insurers. According to the Life Insurance Council, the total NBP reached US$ 4.17 billion (Rs. 35,020 crore) in September, with LIC’s NBP rising by 12.4% to US$ 2.42 billion (Rs. 20,369.26 crore), and private insurers achieving a 16.37% growth to US$ 1.74 billion (Rs. 14,651.02 crore).
During the April-September period of FY25 (H1 FY25), life insurers experienced a nearly 19.5% year-on-year growth in premiums, amounting to US$ 22.49 billion (Rs. 1.89 trillion). LIC's premiums surged by 24.7% to US$ 13.68 billion (Rs. 1.15 trillion), while private insurers saw a 12% increase, reaching US$ 8.76 billion (Rs. 73,664 crore), showcasing the resilience and growing market presence of both sectors in India.
Source: IBEF
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