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Trichy, Tamil Nadu, India
Working as an Assistant in LIC of India, Rockfort BO, Trichy, TN. Having a strong belief that LIC's welfare is our welfare and always trying to work towards that. Also functioning as an office bearer of AIIEA Thanjavur Division.

Wednesday, April 27, 2011

Pvt life insurers' first year premium down 4 pc in FY11

The private life insurance sector saw a decline of four per cent to Rs 30,451 crore in the first year premium income during the 2010-11 fiscal. 

As many as 10 companies, of the total 22 private players accounting for 36.8 per cent of the total life insurance industry, witnessed a decline in first year premium income, as per an analysis of data released by IRDA . 

At the end of fiscal 2010-11, the private sector life insurance companies mopped up Rs 30,451 crore, against Rs 31,618 crore in the April-March period of previous fiscal. 

In terms of policy sales also, the private players saw a huge decline of 23 per cent for the year ended March 2011 at 1.11 crore. 

The companies which witnessed a surge in the first year premium figures include

LIC regains market share, private players slip

Private life insurers have seen their new business growth slow down to a mere 2% even as Life Insurance Corporation regained market share with a 23% jump in premium collections to Rs 86,444 crore for the financial year 2010-11. Life insurers have found it a challenge to grow business after new regulations came into effect from September 2010. 

According to data collated by the Insurance Regulatory and Development Authority, private life companies' growth came from group insurance. They posted new business premium collection of Rs 39,281 crore. Premium from individuals, which excludes