Life insurance grows 47 % in FY07

While LIC observed around 47% of decline in there first year premium, overall Life Insurance sector in India is in full swing ...check this out ... so the interesting question would be who ate LICs first year premium ??

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The life insurance industry, which consists of Life Insurance Corporation of India and 15 private players, has grown by 47.38 per cent in total premium, including group business for FY07.

The total industry had a total premium including group business ( addition of regular premium, single premium and renewal premium) of Rs 156001 crore upto 31st March 2007 as against a total premium of Rs 105841 crore for FY06.

LIC premium declines by 47%

Life Insurance Corporation of India (LIC) has registered a decline in first year premium by 47 per cent in September this year compared to a year earlier, albeit on larger base.

According to the data released by Irda, the public sector behemoth mopped up a first year premium of Rs 2,554.84 crore in September this year compared with Rs 4,853.87 crore in September 2006.