LIC expects to grow business by 15% in FY14

India Infoline News Service | Mumbai |

The growth in new premium collections would be achieved by increasing insurance penetration in underpenetrated areas, LIC said

State-owned Life Insurance Corporation of India (LIC) new premium collection declined 6.5% to Rs. 762.45 billion in 2012-13 from Rs. 815.14 billion in the corresponding period last year.

LIC aims to grow its business by 15% in the financial year 2013-14. The growth in new premium collections would be achieved by increasing insurance penetration in underpenetrated areas, LIC said on 10th May.

Over all, new premium collection by 23 life insurers in the country fell by 6.3% to Rs. 1.07 trillion during the year, compared with Rs. 1.14 trillion in the year ago period.
 

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