Public-sector life insurer Life Insurance Corporation of India's new business premium declined 53.45 per cent at Rs 4,841,42 crore in January 2010, against the same period last year.
In January 2009, LIC had new business premium of Rs 10,401.13 crore, according to IRDA data.
The life insurance industry also has witnessed a degrowth of 40.2 per cent in terms of new business premium at Rs 7,789.71 crore in January, against Rs 13,043.72 crore in the year-ago period, it added.
However, private sector life insurance players mopped-up fresh premium of Rs 2,948.29 crore, up 12 per cent in January, compared to Rs 2,642.58 crore in January last year.
Among the private-sector players, HDFC Standard Life Insurance's new business premium grew 42 per cent at Rs 266.14 crore in the period, compared to Rs 187.89 crore in January last year.
Another player, SBI Life Insurance mopped-up fresh premium of Rs 453.39 crore in January, against Rs 311.8 crore in January 2009.
Aviva Life Insurance's fresh premium collection grew 22.51 per cent at Rs 64.64 crore from Rs 52.76 crore.