Life insurers' NBP (new business premium) jumped 33.07% YoY to Rs 41,197.78 crore in August, up from 20% growth in July, as they mobilised good premium volumes, both from public and private sectors. In April 2026, premiums of insurers had increased 39% from the previous month.
Key Highlights
- Life insurers' NBP rose 33.07% YoY to Rs 41,198 crore in August, led by LIC.
- Cumulative FY27 NBP rose 20.4% to Rs 1.96 trillion, with private insurers outperforming LIC in growth.
Private Insurers Post Strong Growth
|
Life Insurer |
NBP Growth (YoY) |
August NBP |
|---|---|---|
|
LIC |
45.26% |
Rs 23,275.43 crore |
|
Private Insurers |
~20% |
Rs 17,922.25 crore |
|
Bajaj Life Insurance |
~31.6% |
Rs 1,953.99 crore |
|
HDFC Life Insurance |
17.8% |
Rs 3,609.50 crore |
|
ICICI Prudential Life Insurance |
10% |
Rs 1,952.80 crore |
|
Axis Max Life Insurance |
8.11% |
Rs 1,236.50 crore |
|
SBI Life Insurance |
2.83% |
Rs 3,415.40 crore |
Data from the Life Insurance Council (LIC) showed that LIC's NBP jumped 45.26% to Rs 23,275.43 crore in the month while private insurers posted almost 20% rise in the NBP to Rs 17,922.25 crore.
The larger private players, based on absolute growth, have seen Bajaj Life Insurance's profit increase by almost 31.6% to Rs 1,953.99 crore, while HDFC Life Insurance saw a growth of 17.8% to Rs 3,609.5 crore.
ICICI Prudential Life Insurance has seen a 10% rise in its premium to Rs 1,952.8 crore, while Axis Max Life Insurance recorded a premium rise of 8.11 per cent to Rs 1,236.5 crore. SBI Life Insurance saw a modest rise in its NBP of 2.83% to Rs 3,415.4 crore.
NBP refers to the premium received by an insurance company for policies sold and issued for the first time during a specific reporting period.
Cumulative FY27 Growth Improves to 20.4%
The continuously improving performance has also lifted the industry's cumulative growth for the April-August period of FY27. During this period, NBP rose 20.4% YoY to Rs 1.96 trillion, compared to Rs 1.6 trillion in the year-ago period.
During the said period, private insurers also outperformed LIC, as their NBP increased by 22.3% to Rs 80,005.3 crore in April-August as compared to LIC, which experienced a gain of 19.14% to reach Rs 1.16 trillion.
Also Read: Young Indians Buy Life Insurance Earlier as Gen Z Coverage Jumps 60%
Policy Sales Rise Marginally, Led by Private Insurers
Life insurers issued 9.5 million policies during April-August FY27, up 2.57% from a year earlier. LIC sold 5.81 million policies, down 1.67%, while private insurers recorded a stronger 10.88% increase in policy sales to 3.68 million.
