New insurance premiums up 26% for life insurers in FY17
Tuesday, April 18, 2017, 12:39 PM
Life insurance companies posted a 26% rise in new premium collections for FY17 compared to previous fiscal, marked by strong growth in first-year premium due to demonetisation. The country’s largest insurer LIC beat the industry in premium growth, clocking 27% growth. According to data, life insurers collected Rs.1.75 lakh crore as new premium in FY17. Of this, LIC contributed Rs 1.24 lakh crore.