This was primarily driven by the growth in proprietary channel of 30 per cent during the year, increasing its share in the Adjusted Individual First Year Premium
from 27 per cent in FY2018 to 30 per cent in FY2019.
Insurance company Insular Life (InLife) is looking at tripling its first year premium
(FYP) production in Mindanao by end of this year to P1 billion from about P333 million last year.
This is usually calculated as a percentage of the first year premium
paid by the client.
In 2017 its first year premium
income from the sale of traditional and variable insurance products reached P5.784 billion, an expansion by 12.7 percent from P5.132 billion in 2016.
Meanwhile, premiums from traditional life insurance products likewise showed a significant increase of 29.01 percent in single premium and 23.07 percent in first year premium
compared to the previous year,' he added.
But SBI first year premium
collections have grown by 45 percent through product innovations.'
The union minister wondered whether Congress believes that "Mr Gandhi is not capable enough to defend his own turf that he needs additional ammunition." Continuing her attack on the Nehru-Gandhi family, Smriti said despite the fact that she lost to Rahul in Amethi, she paid from her pocket the first year premium
of 25,000 residents of Amethi for the Pradhan Mantri Suraksha Beema Yojna which she initiated there.
It was noted with satisfaction that LIC has shown a growth of close to 18% in First Year Premium
(FYP) income during 2013-14 as against 11.57% growth of the life insurance industry as a whole.
The distributor's commission has come down from about 50 per cent of the first year premium
to 7- 10 per cent.
The distributor's commission has come down from about 50% of the first year premium
The insurance company successfully secured Rs2.471 billion as first year premium
(new business) during the 1st quarter of 2012 showing an increase of 15.74 per cent while in the year 2011, the corporation secured record first year premium
of Rs12 billion showing an unprecedented increase of 25 per cent.
ISLAMABAD, May 15, 2011 (Balochistan Times): State Life Insurance Corporation of Pakistan had secured record First Year Premium
(New Business) of Rs.9.33 billion showing an unprecedented increase of 35% in the year 2010.