LIC: Life Insurance companies record first fall in new business premium growth since June

Synopsis
LIC’s NBP declined more than 35% to ₹12,092.66 crore against ₹18,770 crore in the same period last year, the data showed. Meanwhile, private insurers saw their NBP fall by 5.15 % to ₹7,066.65 crore.
Agencies
According to experts, a lower base in FY22 due to the impact of the lockdown on the sales of life insurance products could paint a better picture for the industry.
Mumbai: A slow month of business from state-owned insurance behemoth Life Insurance Corp of India (LIC) has led to growth of new business premiums (NBP) for the life insurance industry recording a fall in November after four straight months of strong growth.

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