LIC new business premiums dip by 6% for Apr-Jan

The insurer itself is a big contributor to the downslide

For the first time in the last few quarters, the new business premiums of Life Insurance Corporation of India (LIC) saw a sharper dip than the life insurance industry in April to January period this fiscal, compared to last fiscal.

While LIC saw a dip of 6.5%, the life insurance industry as a whole saw a 6% fall compared to same period previous year.

LIC collected new premiums of Rs 55,305.1 crore for April to January, as compared to Rs 59,145.37 crore in same period previous year.

The sharpest fall was seen for LIC in the group non-single premium segment, where total new premium collected dropped to Rs 1,482.32 crore, in comparison to Rs 10,088.74 crore in the previous year.

Private insurers, on the other hand, collected Rs 21,220.45 crore, reporting a dip of 5%, as compared to last year.

According to data collected by the Insurance Regulatory Development Authority (Irda), total new business premium collection of life insurers till January 2013 stood at Rs 76,525.54 crore.

The industry had collected Rs 81496.68 till January 2012.