LIC sees 37% surge in new business premium in Apr-Jan

MUMBAI: Life Insurance Corporation of India(LIC) has posted 37% rise in its new business premium to Rs 67,135.32 crore during the April-January period. In the previous fiscal, LIC's premium collections from new business stood at Rs 49,019.49 crore, stated the data from Insurance Regulatory and Development Authority (IRDA).

The 23 life insurers in India had collectively bagged Rs 95,000 crore as new first-year premium during the period, witnessing 26% rise from Rs 75,347 crore in the year-ago period.

The 22 private life insurers have bagged Rs 27,864.73 crore worth of new business in the April-January period as against Rs 26,327.81 crore in the year-ago period, posting 6% growth.