ICICI Prudential Life Insurance witnessed a staggering surge in new business premiums, seeing a more than 100% rise in November.

ICICI Prudential Life Insurance has released its business numbers for November 2023. While the group single premium declined by 12% to Rs 450 crore, the group yearly renewable premium saw a massive 814% jump to Rs 2,076.6 crore. In contrast, the individual single premium rose 13% to Rs 134 crore, and individual non-single premium increased to Rs 560.9 crore. The company’s new business sum assured reached Rs 95,565 crore, a 21% increase. The retail weighted received premium rose 28% to Rs 574 crore, and the annualised premium equivalent jumped 55% to Rs 859 crore. Overall, the company saw significant growth in its yearly renewable premium and annualised premium equivalent, indicating strong business performance.