 "insurance")
Life insurance sector led by LIC bounced back in 2015-16, posting a growth of 22.5 per cent in first year premium as against a decline of about six per cent in the year-ago period.
The industry as a whole comprising 23 private firms and one state-owned company LIC netted over Rs 1.38 lakh crore in form of new policies.
According to the data released by the regulator Irdai, Life Insurance Corporation of India (LIC) collected Rs 97,891.51 crore by selling new policies, posting a growth of 24.69 per cent in the fiscal ended March 2016.
The life insurance sector had witnessed decline of 13.55 per cent in growth of first year premium collection in 2015-16.
SBI Life, HDFC Standard Life, ICICI Prudential, Bajaj Allianz, Birla Sunlife and Max Life are among the private sectors insurers which reported growth in first year premium during 2015-16.
However, some of the life insurers like Reliance Nippon, Aegon, Aviva and Exide Life reported decline in the premium collection.
The total life insurance premium of the sector during last fiscal was about Rs 3.67 lakh crore, up 11.84 per cent year-on-year.
