Premium collected by private sector life insurance companies during the first half of current fiscal declined to Rs32,423 crore from Rs35,059 crore in same period last year
New Delhi: Tata AIA and Reliance Life witnessed steepest decline in the collection of life insurance premium during the six-month period ending September 2012, reports PTI.
The total premium collected by Tata AIA Life Insurance during April-September 2012 declined by 29.55% followed by Reliance Life Insurance at 28.62%, Minister of State for Finance Namo Narain Meena said in written reply.
"The reasons for a negative growth in the premium collections are various factors that are influencing the financial sector as a whole", the Minister said, adding the 23 private sector life insurance companies collectively witnessed 8.13% decline in premium collection.
The lone public sector player Life Insurance Cor of India (LIC) fared much better than its private sector peers, by recording only a marginal decline of 0.18% in premium collection during the six-month period.
The other private sector insurance companies which have witnessed significant fall in premium collection were SBI Life (23.97%), Birla Sun Life (15.56%), Shriram Life (14.6%), Sahara Life (12.94%) and Future Generali Life Insurance (12.60%).
The figures provided by the Minister revealed that premium collected by the private sector life insurance companies during the first half of the current fiscal declined to Rs32,423 crore from Rs35,059 crore in the corresponding period a year ago.
LIC collected a premium of Rs87,780 crore, down marginally from Rs87,937 crore in the six-month period of the previous fiscal, the minister said quoting figures.