LIC slows down first-year premium of life insurers over dismal performance

Total first-year premiums of private insurers for the period rose by 23.22% to Rs 401.97 bn

First-year premiums collected by life insurance companies for April-November 2018 saw a tepid growth of 0.33 per cent over the same period last year, mainly because of Life Insurance Corporation's (LIC’s) dismal performance. 

First-year premiums earned by life insurers amounted to Rs 1.23 trillion in April-November 2018 as against Rs 1.22 trillion in the same period in 2017. 

While private life insurers reported 23.22 per cent rise in first-year premiums in April-November period, state owned LIC, saw its first-year premiums shrinking by 7.9 per cent in the first eight months of the fiscal year over the same period last year. 

According to Insurance