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Private Insurers Show Remarkable Growth, LIC Loses Momentum
December 15, 2018
Private insurance firms posted a growth of 23.3% on a year-over-year basis in new premiums for April to November 2018. On the other hand, state-owned Life Insurance Corporation of India (LIC) posted a 7.9% decline in new premiums collection.
In the individual regular premium category, LIC posted a 30.6% drop on a year-over-year basis while the private sector insurance companies posted a 9.6% growth compared to last year. However, in group regular premium business, India’s largest insurer saw a 64.7% drop while private insurers also witnessed a 49.3% drop.
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