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 Max New York Life , HDFC Life, SBI Life and ICICI Prudential. 

At the end of March 31, 2011, Max New York Life's first year premium income grew by 10 per cent, to Rs 1,934 crore. 

Further, HDFC Life saw an increase of about 27 per cent, Indiafirst Life (about 155 per cent), SBI Life (about 7 per cent) and ICICI Prudential (about 4 per cent). 

However, market leader Life Insurance Corporation's (LIC) first year premium income rose by 4 per cent to Rs 52,204 crore during the April-March 2010-11. 

In terms of policy sales too, LIC witnessed a decline of 5 per cent to 3.70 crore.

Source: The Economic Times