During April 2012 to January this year, the fall in Life Insurance Corporation of India (LIC)'s new business premiums, compared to the year-ago period, was more than the fall in such premiums for the life insurance sector. While LIC recorded a fall of 6.5 per cent, the sector recorded a decline of six per cent in new business premiums.
During the period, LIC collected new premiums of Rs 55,305 crore, compared to Rs 59,145 crore in the corresponding period of the previous financial year.
For LIC, the sharpest fall was seen in the in the group non-single premium segment.
In which total new premiums collected fell to Rs 1,482.3 crore from Rs 10,088.7 crore in the year-ago period.
Private insurers collected Rs 21,220.4 crore of new business premiums, a fall five per cent, compared to the year-ago period. According to data collected by the Insurance Regulatory and Development Authority, till January this year, the new business premium collection of life insurers stood at Rs 76,525.5 crore. In the year-ago period, it stood at Rs 81,496.7 crore.
