Kolkata: Country's largest insurer LIC is expecting a 15 percent growth in first premium income during the ongoing fiscal after recording a de-growth in 2012-13.
"Last fiscal, there was a degrowth in first premium income. But during the current fiscal, LIC's first premium income is expected to rise 15 percent," LIC Managing Director Sushobhan Sarker said Friday.
Apart from urban areas, there were a lot of growth potential in the rural and Tier II and Tier III cities, he told reporters on the sidelines of Insurance Summit here.
During 2012-13, the country's only state-run life insurer registered a 6.5 percent fall in new premium collection at Rs 76,200 crore compared to Rs 81,500 crore in the corresponding period in the year before.
Sarker said traditional products would remain the main focus as unit-linked products failed to attract customers over the last two years.
"We believe that unit-linked products will come back in favour, but our main focus and selling point will be traditional products," he said.
First Published: Friday, May 10, 2013, 18:13