Mumbai, Sept. 8 -- Driven by strong premium collection from both the state-owned Life Insurance Corporation of India (LIC) and private insurers, life insurance companies recorded robust monthly growth in New Business Premium (NBP) for the financial year in August. The figure rose by 33.07% year-on-year (YoY) to Rs 41,198 crore, surpassing the 20% growth observed in July.

During the April-August period, the total New Business Premium increased by 20.4% to Rs 1.97 lakh crore, compared to Rs 1.6 lakh crore in the same period last year. Meanwhile, retail-weighted premium grew by approximately 13.9%.

The surge in August was primarily driven by the group single-premium business, which rose by 56.1% year-on-year to Rs 23,887 crore. Reflecting ...