Life insurance companies in India reported new business premium for June increased 14.80% year on year at ₹42,433 crore and for the quarter ended the same month rose 22.91% to ₹89,726 crore.

New business premium of market leader, State-owned Life Insurance Corporation of India increased 13.60% to ₹28,366.87 crore (₹24,970.82 crore) for the month. For the quarter ended June, its NBP was 28.11% higher at to ₹57,440.90 crore (₹44837.20 crore), making it the strongest first-quarter performance for LIC since FY23.

In June, private players fared better with a 17.31% increase to ₹14,066.82 crore (₹11,990.94 crore) despite six of them reporting a decline in the NBP. For the April-June quarter, private life insurers NBP increased 14.62% to ₹32,285.80 crore (₹28167.66 crore).

“Driven by a strong demand for enhanced insurance protection from individual consumers, new policy issuances too increased by 12.13% on a Y-o-Y basis in June, resulting in addition of new 21,79,282 policies (19,43,529 policies) in the year ago period,” the Life Insurance Council said, releasing the business numbers for the month on Monday.