Life insurers saw a 37% increase in new business premiums (NBP) in March, thanks to the exceptional performance of the IPO-bound Life Insurance Corporation (LIC), whose NBP increased 51% over the same month the previous year.

Furthermore, despite reporting single-digit growth in FY21, the first full year of the pandemic, the sector is back to double-digit growth in FY22, with the NBP increasing by 13%.