New premium of private insurance companies increased by 35%, LIC decreased

In the case of life insurance, the business of private companies increased rapidly. Their New Business Premium (NBP) increased by 35.12% in March and 20% in the last financial year. But the NBP of the entire life insurance industry declined by 12.6% as the NBP of the largest insurer LIC declined by around 37%. The number of policies sold last month also decreased by 12.2%. The premium growth of HDFC Life, Max Life, ICICI Prudential and SBI Life in the past month was 83.45%, 42.59%, 30.78% and 23.15% respectively. In March 2023, the individual non-single premium of all private companies stood at Rs 13,635.21 crore. This is 57.35% more than in March 2022. According to a report by HSBC Global Research, this jump in demand has been seen due to the withdrawal of tax exemption by the government.

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