Indian life insurer stocks rise up to 3% as new business premium jumps 33% in August to Rs 41,198 crore
Life insurers including LIC and HDFC Life reported a year-on-year increase of 33% in total new business premium for August. Group single-premium business drove the surge, while retail growth remained slower.
Shares of Indian life insurance firms climbed up to 3% on Tuesday following a significant boost in new business premiums. Total new business premium reached Rs 41,198 crore in August, marking a 33% increase compared to the same period last year. This growth was largely driven by group single-premium business, which rose over 56% year-on-year to Rs 23,887 crore. The LIC posted more than 45% growth, while HDFC Life saw shares jump nearly 3%. Although overall figures were strong, retail premium expansion lagged behind the total income pace. The Life Insurance Council data indicates that retail-weighted premium grew only around 14% last month, reflecting a reliance on non-retail products for the recent surge.
