Reliance Life Insurance reported over 24 per cent decline in premium income during April-February, the steepest fall among the major life insurers.
The premium income of Reliance Life Insurance during the 11-month period in 2012-13 dipped to Rs.1, 143.57 crore, from Rs.1, 509 crore in the same period of the previous financial year.
Some of the major players, including HDFC Standard Life and Bajaj Allianz, however, bucked the industry trend registering a growth of 12.40 per cent and 15 per cent, respectively.
SBI Life collected a premium of Rs.4,022.50, followed by ICICI Prudential (Rs 3,983.66 crore), HDFC Standard (Rs 3,432.05 crore) and Bajaj Allianz (Rs 2,362.19 crore), during the period under review, the data showed.
India’s largest life insurer LIC reported a drop of 6.35 per cent in its premium collection at Rs.60, 705.46 crore during the period against Rs.64, 820.48 crore in the year-ago period.
Private insurers together netted Rs.23, 796.29 crore in the 11-month period, against Rs.25,195.35 crore in the corresponding period of 2011-12, showing a decline of 5.5 per cent.
Another private sector player, Max Life, saw a meagre 0.84 per cent drop in premium income at Rs 1,587.84 crore, while Birla Sun Life’s collection dropped 9.01 per cent to Rs.1,368.35 crore during the period.
Life insurance companies collect premium under four segments – individual single, individual non-single, group single and group non-single.
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