Life insurers see 22.4% growth in new premiums

Life insurance companies saw a 22.4 per cent growth in new premiums for the nine-month period ended December 31,2013, collecting new premiums of Rs 84,725.75 crore in the period. The figure was Rs 69,184.48 crore in the corresponding period of last financial year.

Insurance sector experts said growth was achieved by a last-minute rush among customers to buy policies before the industry moved into a new regulatory product regime from January 1, 2014, onwards.

Life Insurance Corporation of India (LIC) collected Rs 65,774.47 crore of new premium for the first three quarters ending December, registering nearly 31 per cent growth over the same period last financial year.
 

Private life insurers, on the other hand, saw a marginal 0.2 per cent increase in new premiums for the period. They collected total new premiums of Rs 18951.27 crore.