Total premium collections of life insurers down 3.2%

The total premium collections of life insurers was down by 3.18% in the April to August period 2012 and stood at Rs 39,357.6 crore, compared to the same period last year. The largest public life insurer Life Insurance Corporation of India (LIC) also saw a 3.2% drop in new business premium collection during the same period and collected premiums of Rs 29,893.21 crore.

According to data collected by the Insurance Regulatory and Development Authority (Irda), private life insurers collected Rs 9,464. 47 crore from new policies, which was down 2.8% as compared to Rs 9740.8 crore collected in the same period last year.

On the non-life insurers side, the general insurance companies collected a  total premium of Rs 27,942.37 crore for the April to August 2012 period, up by 17.6% compared to the same quarter in the previous year. Among the private general insurers, SBI General saw a whopping 216% growth over the same period last year.