ANALYSIS OF LIC PREMIUM DROP PROMISED

INDIA’S Life Insurance Corporation has seen a drop in premium income in the first five months of this fiscal year. According to figures from the Insurance Regulatory Development Authority, LIC’s annualised premium equivalent (APE) for the first five months of this year totalled Rs6.6bn, compared with Rs11.3bn a year ago. A senior official at LIC told reporters in India that an investigation into the drop would take place in due course. The IRDA figures showed that total APE for the country fell 3% to Rs17.4bn, although the country’s private insurers saw their contribution grow and recorded premium of Rs10.8bn.