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Private insurers collect premium of Rs. 11.25 billion in April

First-year premium underwritten by life insurers decreased 2.5% to Rs. 49.36 billion in April 2012

May 23, 2012 5:35 IST | India Infoline News Service
According to the monthly business figures released by the Insurance Regulatory and Development Authority on 22nd May, the first-year premium underwritten by life insurers decreased 2.5% to Rs. 49.36 billion in April 2012 compared to Rs. 50.63 billion collected in the same month last year.

While the premium of the Life Insurance Corporation of India (LIC) increased over last year that of private insurers declined. LIC underwrote Rs. 38.10 billion against around Rs. 37.17 billion last year. Private insurers collected a premium of Rs. 11.25 billion, which was around 16% lower than the Rs. 13.45 billion garnered last year.

In the non-life segment, the gross premium underwritten in April 2012 increased 15.73% to Rs. 65.06 billion from Rs. 56.22 billion in the same period last year. The public sector companies outpaced the private players.

The growth in public sector and private sector was at 20.22% and 10.35% respectively, the IRDA said.

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