One of the leading private sector life insurer ICICI Prudential witnessed 50 per cent decline in collection of fresh premium, an indication of the company's performance, during the first quarter of the current fiscal.
Although private life insurance companies as a whole witnessed 20 per cent decline in premium collection, the fall was much steep in case of ICICI Prudential, revealed the data on performance of the insurance companies released by Insurance Regulatory and Development Authority (IRDA).
ICICI Prudential new premium dipped to Rs 807.07 crore against Rs 1,590.27 crore in the first three months of last fiscal.
Overall, the 21 private life insurers managed to mop-up Rs 5,427.67 crore in the first quarter of the current fiscal against Rs 6,795.64 crore during the same period last year.
Even the country's largest private insurer SBI Life's premium declined by about 7 per cent to Rs 1,072.73 crore in the first three months against Rs 1,148.67 crore raised during first quarter of the last fiscal.
Bajaj Allianz also saw its premium dip by 30 per cent to Rs 577.66 core in the first three months from Rs 829.24 crore during the same period last year, while Reliance Life registered a degrowth of 9 per cent.