New life-insurance activity in August showed a 33% year-on-year rise in total new business premium to Rs 41,198 crore, as group single-premium business contributed to the growth.
Life Insurance Corporation of India (LIC) posted more than 45% growth in new business premium for August. At the same time, SBI Life and HDFC Life reported stronger growth in retail-weighted premiums, indicating a favorable shift in product mix toward individual policies.
Market reaction reflected the data, with shares of LIC, HDFC Life and other life insurers rising by up to about 3% after the release.
The August figures highlight continued strength in demand for life insurance products and show a notable mix shift toward group single-premium and retail-oriented business within the sector.
