LIC growing much faster than private sector rivals, says - TopicsExpress

LIC growing much faster than private sector rivals, says IRDA NEW BUSINESS PREMIUM OF LIFE INSURERS GREW BY 22.5% TO 84,726 CR IN APRIL-DEC, RIDING ON A 30% SURGE IN LIC’S COLLECTIONS NEW DELHI: The life insurance industry, which has seen a slowdown in new business premium collection in the last couple of years, now has a reason to cheer. New business premium of life insurers grew by 22.5% to 84,726 crore in the first nine months (April-December) of 2013-14 against 69,184 crore a year ago, thanks to a 30% rise in premium income from Life Insurance Corp (LIC), data released by the Insurance Regulatory and Development Authority has found. LIC’s premium income spurted to 65,775 crore during the nine-month period compared to 50,277 crore a year ago — a growth of 30% year- on-year. Private sector insurance companies registered a nominal growth in their new business premium income to 18,951 crore during the period under review against 18,907 crore a year ago. (Source: Hindustan Times)

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