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Budget News

  • Life insurance companies New business premiums income decline by 10.5% in June
  • July 10,2020  09:21

  • While the new business premiums (NBP) of life insurance companies contracted 10.46% year-on-year (YoY) in June, it is, however, indicative of recovery signs after the government decided to gradually unlock. Life insurers had seen their NBP decline 32.6% and 25.4% in April and May, respectively.

    In June, life insurers earned NBP to the tune of Rs 28,868.68 crore, compared to Rs 32,241.33 crore in the same period a year ago. NBP is the premium acquired from new policies for a particular year.

    In the first quarter (Q1) of the current financial year (2020-21, or FY21), life insurers saw their NBP decline 18.46% to Rs 49,335.43 crore versus Rs 60,637.22 crore in Q1 of 2019-20 (FY20), owing to a strict lockdown enforced by the authorities to contain the spread of the contagion. State-owned insurance behemoth — Life Insurance Corporation (LIC) of India — also saw its NBP contract 12.65% in June to Rs 22,736.84 crore, but in the previous months, the extent of decline was far severe.

    LIC saw its NBP fall 31% YoY in March, 32% in April, and 24% in May. In Q1FY21, its NBP figures have seen a decline of 18.45% to Rs 36,530 crore, compared to Rs 44,974.78 crore. It was, however, expecting to post positive growth in June.

    The private insurers, on the other hand, have done well. Their NBP contracted just 1.28% in June to Rs 6,131.84 crore. In Q1FY21, the NBP of private insurers — 23 in total — declined 19.17% to Rs 12,805.41 crore, compared to Rs 15,842.44 crore in Q1FY20.

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