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New insurance premiums up 26% for life insurers in FY17

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.
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