According to data release by IRDA, 23 private sector companies and LIC collected Rs53814.1 crore as premiums during April-October 2012
New Delhi: Premium collected by life insurance companies dropped 3.45% in the April-October period due to various factors that are influencing the financial sector as a whole, reports PTI.
As per the data released by the Insurance Regulatory and Development Authority of India (IRDA), premiums collected by 23 private sector companies and lone state-owned Life Insurance Corp of India (LIC) totalled Rs53,814.09 crore during the period.
They together had collected Rs55,737.84 crore in the April-October 2011 period.
India's largest life insurer LIC reported a drop of 2.88% in its premium collection, while the decline in private companies was 5.07%.
LIC's premium collection stood at Rs40,069.84 crore in April-October as against Rs41,259 crore in the year-ago period.
Private insurers netted Rs13,744.25 crore as against Rs14,479 crore in the corresponding period of 2011-12.
Life insurance companies collect premium under four segments -- individual single, individual non-single, group single and group non-single.
Reliance Life's premium collection dropped by 14.78%, that of ICICI Prudential by about 6.9% and of HDFC Standard Life by approximately 5%.
Last week, the Finance Ministry had said in Parliament that the reasons for a negative growth in the premium collections are various factors that are influencing the financial sector as a whole.