New business premiums (NBP) for life insurers rose 37 per cent to Rs 59,608.92 crore in March 2022, with market leader LIC recording a 51 per cent increase in first-year premiums. According to data released by the Insurance Regulatory and Development Authority of India (IRDAI), the life insurance industry recorded a compound growth rate of new business premiums of 13 per cent in FY22.

Life Insurance Company (LIC) is on the verge of listing, and NBP was up nearly 8 per cent to Rs 1.98 trillion in 2021-22. “The strong increase in the monthly figures can be attributed to higher single premiums in the individual and group segments in the last month of the financial year (individuals taking tax planning measures),” the CareEdge report said.

LIC outperformed its private peers by a wide margin for the second month, capturing a 63.2 per cent share of the first-year premium pie in the life insurance industry in FY22.