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  1. Life insurance firms back in black

Life insurance firms back in black

After a slump of three years, life insurance companies are seeing growth now. In FY14, the industry recorded...

Updated: August 12, 2016 1:50 PM

After a slump of three years, life insurance companies are seeing growth now. In FY14, the industry recorded a 9% year-on-year growth in total premium and a net profit of R7,588 crore against R6,948 crore in FY13. Of the 24 life insurers in operating in the country, 18 companies reported profits. Also, in FY14, state-owned Life Insurance Corporation (LIC) paid R1,634 crore as dividend to the government and six private life insurers paid dividends of R1,740 crore. Moreover, LIC had opened 1,313 new branch offices in the country.

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