The first year premium collection of life insurers stood at Rs 10,071.80 crore in December 2014.
The new business premium grew by 16 per cent to Rs 85,587.73 crore during April-December 2015 over the year-ago period, the data released by insurance regulator IRDAI showed.
The first year insurance premium of private insurance companies declined year-on-year basis in December, while that of LIC rose significantly.
The first year business premium of LIC rose by 25 per cent year-on-year to Rs 7,323.67 crore as of December 2015, while that of private sector companies fell by 12.1 per cent to Rs 3,703.15 crore in the month.
Private insurance companies saw 17.5 per cent growth in new business premium at Rs 25,972.31 crore during April-December 2015, the monthly data of 23 private life insurance companies and state-run LIC showed.
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