Life insurers new biz premium down 9.2% in FY12

Total first-year premium of the industry stands at Rs 1,14,233 cr in FY12

Total new business premium of life insurance companies in the country declined by 9.2% to Rs 1,14,232.73 crore in 2011-12 fiscal, the regulator Irda said today.

Total new business premium or first-year premium of the industry was at Rs 125,826.03 crore a year ago.

Market leader LIC, a public sector life insurer, recorded 6.05% decline in first year premium collection to Rs 81,514.49 crore from Rs 86,444.72 crore a year ago.

LIC's market share stood at 71% at the end of March, 2012, according to the data. India has 24 public and private life insurance companies.

The combined first year premium of private sector life insurers, declined 16.9% to Rs 32,718.24 crore, from a year ago.

 

Met Life showed an impressive 52.7% increase in its first year premium for the period under review to Rs 1,074.9 crore, from Rs 703.95 crore a year ago.

DLF Pramerica witnessed a rise of 38.9% in its first year premium to Rs 102.83 crore, Star Union Dai-ichi had a increase of 27.18% to Rs 964.77 crore and IndiaFirst's new business premium rose by 39.38% on the year to Rs 982.31 crore.

The non-life insurers, however, showed an increase in their premium collection during 2011-12 to Rs 58,344.16 crore, up 23.2% over Rs 47,372.78 crore in 2010-11, the data said.