LIC registers 70 per cent growth in new premium collections in April-July quarter

India's largest insurer, Life Insurance Corporation registered over 70 per cent growth in new premium collections to Rs24,430 crore during April - July this year, as per IRDA data.

By way of comparison, the first four months of the previous fiscal saw LIC's premium collections from new business at Rs14,265 crore, according to the data.

On the whole, the 23 life insurers in the country have between them mopped up Rs34,249 crore as new first year premium during the period, which is a 55 per cent increase over Rs21,996 core in the year ago period.

Of this collections of 22 private life insurers together stood at Rs9, 818 crore worth of new business in the April-July period as against Rs7,730 crore in the year ago period a growth of 27 per cent.

Among the private life insurance players, ICICI Prudential's collections from new business surged 72 per cent to Rs 1,987 crore during the period, while Reliance Life registered an increase of 23 per cent to Rs 901 crore.

The premium collections from new business of SBI Life grew to Rs1,539 crore in April-July 2010 from Rs1,398 crore in the same period last year.