Insurers report 22% drop in annualised premium equivalent

India Infoline News Service | Mumbai |

The industry had reported a 22% rise in income from selling new policies, and LIC a 31% increase in the April-December period.

Life Insurance Corporation of India's annualised premium equivalent decreased 13% on year-on-year basis, while private insurers reported a decline of 22% from a year ago, data collated by big insurers indicated
The annualised premium equivalent is estimated by taking individual regular premium plus 10% of new single premium.
For the industry, the annualised premium equivalent fell 17% from a year ago to Rs. 3,254 crore. Total new business income, including individual and group, stood at Rs 7,780 crore in February 2014, down 2.45% from the year-ago month, the data added.
In the April-December period, the industry had reported a 22% rise in income from selling new policies, and LIC a 31% increase.
 

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