The life insurance industry comprising over 20 companies, including the public sector LIC, saw a dip of over 6% in premium income in the last 11 months with Reliance Life recording the steepest fall.
Total premium collected during the April-February period of 2012-13 fiscal by the industry stood at Rs. 84,501.75 crore, down 6.12% over the same period previous year.
Among the seven large private sector insurance companies with premium income of over Rs. 1,000 crore, SBI Life and ICICI Prudential saw premium income dropping by 12.18% and 2.04% respectively, during the period under review, data released by the regulator IRDA showed.
Reliance Life Insurance Company reported over 24% decline in premium income during April-February this fiscal, the steepest fall among the major life insurers.
The premium income of Reliance Life Insurance during the 11-month period in 2012-13 dipped to Rs. 1,143.57 crore, from Rs. 1,509 crore in the same period of the previous fiscal.
Some of the major players, including HDFC Standard Life and Bajaj Allianz, however, bucked the industry trend registering a growth of 12.40% and 15% respectively.
SBI Life collected a premium of Rs. 4,022.50, followed by ICICI Prudential (Rs 3,983.66 crore), HDFC Standard (Rs 3,432.05 crore) and Bajaj Allianz (Rs 2,362.19 crore), during the period under review, the data showed.
India's largest life insurer LIC reported a drop of 6.35% in its premium collection at Rs. 60,705.46 crore during the period as against Rs. 64,820.48 crore in the year - ago period.
Private insurers together netted Rs. 23,796.29 crore in 11 months as against Rs. 25,195.35 crore in the corresponding period of 2011-12, showing a decline of 5.5%.
Another private sector player, Max Life, saw a meagre 0.84% drop in premium income at Rs. 1,587.84 crore, while Birla Sunlife's collection dropped 9.01% to Rs. 1,368.35 crore during the period.
Life insurance companies collect premium under four segments - individual single, individual non-single, group single and group non-single.