INSURANCE
LIC posts 27% growth in first year premium in FY17
Apr-20-2017

Life Insurance Corporation (LIC) has registered a 27.22 percent growth in first year premium (FYP) in FY17, backed by a surge in sale of its single-premium policy and falling interest rates.

Total FYP raised to Rs 124,396.27 crore in FY17 from Rs 97,777.47 crore in the previous year. It resulted in the insurance giant increasing its market share to 71.07 percent from the last year's 70.61 percent. In terms of the number of policies, LIC's market share stood at 76.09 percent, up from 74.72 percent last year. It sold over 20 million new policies in FY17. Group and Pension Scheme Department received Rs 78,805.56 crore in new business premium, securing 80.96 percent of the market share in the segment, up from 80.73 percent last year, it added. However, the Corporation witnessed de-growth in number of policies sold during the year under review.

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