Country's largest insurer Life Insurance Corporation (LIC) has recorded a growth of 8.3 per cent in new business with premium collection of Rs 14,451 crore in the first quarter ended June 30,2012. LIC had collected new business premium of Rs 13,341.97 crore in the same period of previous fiscal. During June,LIC garnered a first premium of Rs 5,236.27 crore,as per data released by the Insurance Regulatory and Development Authority (IRDA). Private sector taken together has recorded a marginal growth in new business with first premium collection of Rs 5,000.33 crore against Rs 4,940.89 crore in the first quarter of the previous fiscal. As many as 23 players in the private sector collected Rs 1,782 crore in the month of June. The non-life insurance companies have garnered a total premium of Rs 16,586.48 crore during the April-June quarter,an increase of 18 per cent over the corresponding period last year. Of these,the four public sector insurance companies have seen a 19 per cent growth in premium income to Rs 9,581.27 crore. The private sector players registered a growth of 16 per cent to Rs 7,005 crore during the three month period.
