Life insurance companies have reported robust growth in the month of February, after displaying muted growth in January due to the third wave of COVI-19. As per the reports, most expect the moderate growth trend to continue due to pricing pressure.
According to the latest data released by the Life Insurance Council, the New Business Premium, a key metric to gauge the performance of life insurers, witnessed a slight upward trend of 25.1 percent over the previous month to Rs 27,465 crore in the month of February, and up 22.5 percent compared with the year-ago period.
Life Insurance Corporation of India (LIC) ruling over two-thirds of the country’s life insurance market has recorded 35.4 percent on the year growth in NBP to R 17,489 crore and 35.2 percent month-on-month, followed by Bajaj Allianz and Birla Sun.
