New business premiums (NBPs) underwritten by Indian life insurers have gained a robust year-on-year (Y-o-Y) growth of around 16 per cent last month, according to the Life Insurance Council report for May. The year-to-date (YTD) figures have reported a 31 per cent surge over the same period in 2023. New business premiums grew from Rs 23,448 crore in May 2023 to Rs 27,034 crore in the same month this year, the report shows. YTD collections surged even more from Rs 36,043 crore to Rs 47,293 crore in 2024.