First-year premium of life insurers grows in January

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Published: February 19, 2016 12:03:15 AM

The new business premium of life insurers grew 13% in terms of annualised premium equivalent in January. State-owned LIC's new business premium grew 14% y-o-y and that of private insurers at 12% y-o-y in January this year.

The new business premium of life insurers grew 13% in terms of annualised premium equivalent in January. State-owned LIC’s new business premium grew 14% y-o-y and that of private insurers at 12% y-o-y in January this year. LIC continues to have high share of single premium at 71%. Private insurers have generally been selective in this segment as it has a share of 29%. In the group business, the share of private insurers increased to 23% from 16% in December last year.

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