New business income of life insurers gain 16% in April-July
LIC’s income rose 23% to Rs. 238.58 billion during April-July
The life insurance industry registered 16.37% growth in new business income in April-July, according to IRDA (Insurance Regulatory and Development Authority) data.
LIC’s (Life Insurance Corporation of India) income rose 23% to Rs. 238.58 billion during April-July. The growth declined by a relatively poor performance of private insurers with 0.9% decline in income from sale of new policies. SBI Life reported 21.43% decline in business by selling new policies to Rs. 12.58 billion while ICICI Prudential reported 24% increase to Rs. 13.99 billion.
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