 "Life insurers' new premiums fall 4%")
New business premiums of life insurance companies saw a 4.07 per cent drop for the April-May period, compared with the year-ago period. Life insurers collected new premiums of Rs 11,742.7 crore for the two-month period; the figure was Rs 12,428.8 crore in April and May 2012.
Life Insurance Corporation of India (LIC) collected total new premiums of Rs 8,782.2 crore, compared to Rs 9,214.7 crore in same period in FY13. Private life insurers saw a 7.8 per cent drop in new premium collections at Rs 2,960.6 crore.
These insurers started the new financial year, FY14, with a marginal rise in new business premiums.
However, the numbers dropped in the consequent period. The life insurance industry ended FY13 with a decline of 6.3 per cent in new business premiums.
According to data from the Insurance Regulatory and Development Authority (Irda), life insurers collected Rs 1,07,010.7 crore worth of new premiums for the financial year ended March 31, compared to Rs 1,14,232.7 crore collected in the year-ago period.
The drop in new business premiums was due to slowdown in economy, resulting in lower disposable income for potential customers who would have purchased policies.
However, with change in regulatory guidelines and expectations of higher economic growth, insurers believe they would be able to achieve better numbers in the current financial year.
Life Insurance Corporation of India (LIC) collected total new premiums of Rs 8,782.2 crore, compared to Rs 9,214.7 crore in same period in FY13. Private life insurers saw a 7.8 per cent drop in new premium collections at Rs 2,960.6 crore.
These insurers started the new financial year, FY14, with a marginal rise in new business premiums.
However, the numbers dropped in the consequent period. The life insurance industry ended FY13 with a decline of 6.3 per cent in new business premiums.
According to data from the Insurance Regulatory and Development Authority (Irda), life insurers collected Rs 1,07,010.7 crore worth of new premiums for the financial year ended March 31, compared to Rs 1,14,232.7 crore collected in the year-ago period.
The drop in new business premiums was due to slowdown in economy, resulting in lower disposable income for potential customers who would have purchased policies.
However, with change in regulatory guidelines and expectations of higher economic growth, insurers believe they would be able to achieve better numbers in the current financial year.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%