Life insurance sector sees 21% growth in Feb as financial year end looms
The growth continued to be driven by an expansion in single premiums however, a fall in non-single premiums restricted this increase, said a CARE Ratings report
Niti Kiran | March 9, 2021 | Updated 15:40 IST
With monthly numbers showing a strong growth for February, the year-to-date (YTD) numbers too have returned to positive territory, reporting a much more modest rise in first year premium collection
Life insurance sector maintained its growth momentum in February 2021 after witnessing a drop in the last two months of the calendar year 2020. First Year Premium of life insurers witnessed a double-digit growth of 21 per cent in the penultimate month of FY21 to Rs 22,425 crore compared to Rs 18,533 crores in February 2020. It had posted a year-on-year (y-o-y) decline of 2.8 per cent and 26.9 per cent in December and November last year. The growth continued to be driven by an expansion in single premiums ho