LIC sees sharper growth decline in new business premium than industry

While LIC saw a dip of 6.3%, the life insurance industry as a whole saw a 6.1% fall y-o-y

Life Insurance Corporation of India (LIC) showed a sharper decline in growth in new business premium than the life insurance industry for the April-to-February period this financial year, compared with the last financial year.

While LIC saw a dip of 6.3 per cent, the life insurance industry as a whole saw a 6.1 per cent fall in this period compared to same period last financial year.

LIC collected new premiums of Rs 60705.46 crore for April to January, compared to Rs 64820.48 crore in the same period of the previous year.

The sharpest fall was seen for LIC in the group non-single premium segment, where total new premium collected dropped to Rs 1635.63 crore, against Rs 10340.56 crore in the previous year.

Private insurers, on the other hand, collected Rs 23796.29 crore, reporting a dip of 5.5 per cent, compared to the last financial 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 84501.74 crore. The industry had collected Rs 90015.83 till January 2012.