LIC collected first premium of Rs5,236.27 crore while private sector insurers together recorded first premium collection of Rs5,000.33 crore
New Delhi: Country's largest insurer Life Insurance Corp of India (LIC) has recorded a growth of 8.3% in new business with premium collection of Rs14,451 crore in the first quarter ended June 2012, reports PTI.
LIC had collected new business premium of Rs13,341.97 crore in the same period of previous fiscal.
During June, LIC garnered a first premium of Rs5,236.27 crore, as per data released by the Insurance Regulatory and Development Authority (IRDA).
Private sector taken together has recorded a marginal growth in new business with first premium collection of Rs5,000.33 crore against Rs4,940.89 crore in the first quarter of the previous fiscal.
As many as 23 players in the private sector collected Rs1,782 crore in the month of June.
The non-life insurance companies have garnered a total premium of Rs16,586.48 crore during the April-June quarter, an increase of 18% over the corresponding period last year.
Of these, the four public sector insurance companies have seen a 19% growth in premium income to Rs9,581.27 crore.
The private sector players registered a growth of 16% to Rs7,005 crore during the three month period.
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