Life Insurance Sector Update- Private Insurers Fare Well In May; LIC Crumbles In Second Wave: Anand Rathi
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Anand Rathi Report
For May 2021, growth was curbed by the second Covid-19 wave as many states imposed stricter lockdowns.
Private-sector new-business premiums grew 14% YoY.
Life Insurance Corporation of India Ltd. was down 12% YoY.
At end-May-21, new business premiums amounted to Rs 130 billion (Rs 137 billion a year prior).
The annual-premium equivalent for the private sector grew 6% YoY at end-May-21.
For LIC, the sole public entity, its annual premium equivalent slid 44% YoY.
At end-May-21, total annual premium equivalent was Rs 42 billion (Rs 57 billion a year prior).
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