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Life insurers, which had been registering strong business growth in the last few months, had a lukewarm November.
Private-sector new-business premiums declined 5% YoY; Life Insurance Corporation was down 36% YoY. At the end of November 2020, total NBPs amounted to Rs 192 billion (Rs 262 billion a year prior).
The annual-premium equivalent for the private sector declined 6% YoY at the end of November 2020.
For LIC, the sole public entity, it plunged 64% YoY. At end-November 2020, total APE was Rs 70 billion (Rs 128 billion a year prior).
Toward end-2019, LIC announced the closure of a few insurance policies; hence, its sales were high in the corresponding month of 2019.
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