The combined first year premium of the public and private sector insurers during April-May 2012stood at Rs12,428.83 crore, up from Rs12,253.44 crore during the same period a year ago, IRDA said
First year premium of the life insurance companies rose by a marginal 1.4% year during the first two months of the current financial year, reports PTI quoting data released by the Insurance Regulatory and Development Authority (IRDA).
The combined first year premium of the public and private sector insurers during April-May 2012 stood at Rs12,428.83 crore, up from Rs12,253.44 crore during the same period a year ago, IRDA said.
First year premium of the public sector company Life Insurance Corporation of India (LIC), the largest life insurer in the country, however declined marginally to Rs9,214.72 crore from Rs9,273.08 crore during the period under review.
Meanwhile, the combined first year premium of the private sector insurance companies increased by 7.8% during the first two months to Rs3,214.11 crore from Rs2,980.36 crore during the same period of the previous fiscal.
Some of the private sector companies recorded remarkable growth in their first year premiums in April and May.
Private insurer Met Life's first year premium during the period rose to Rs161.78 crore, up from Rs52.55 crore during the same period a year ago.
While the first year premium of DLF Pramerica increased to Rs20.96 crore from Rs13.43 crore, Aviva's first year premium during the first two months of the current fiscal rose to Rs148.89 crore, up from Rs52.48 crore in the comparable period of last fiscal.
Birla Sunlife's first year premium during the period increased to Rs208.61 crore from Rs161.63 crore while HDFC Standard had a premium of Rs427.52 crore, up from Rs291.58 crore during the first two months of the previous fiscal. However, there was a decline in the number of policies issued during the first two months for the life insurance companies including LIC.
In April-May, 2012, a total of 40,46,777 policies were enrolled, down from 4,324,096 during the same period a year ago. The number of policies issued by LIC during the period under review declined to 3,252,286 from 3,386,692.
The gross premium of the non-life insurance companies rose 21.83% during April-May to Rs4,880.81 crore from Rs4,005.96 crore during the same period a year ago.
The gross premium of non-life insurance companies during April-May (2012-13) rose 18.27% to Rs11,387.32 crore from Rs9,627.91 crore, the IRDA data shows.
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