New Delhi: Total assets managed by life insurance companies went up by 11.38% to cross Rs15 trillion mark in the first quarter of 2011-12.
As many as 22 life insurance companies had assets under management (AUM), including equity and fixed income assets, of Rs15, 04,629 crore in April-June 2011 quarter, data compiled by industry association Life Insurance Council said.
The AUM of these players was Rs13,50,850 crore at the end of the June quarter 2010.
The increase in AUM is helped by a record 13% rise in renewal premium income to Rs37,221 crore during April-June. Renewal premium of these companies was Rs32,959 crore in the same period last year.
“This means increasing number of policy-holders are renewing their respective policies, indicating that the policy-holders are taking an informed decision...,” it said.
However, the total premium income of the companies declined by 5.18% to Rs55,523 crore from Rs58,559 crore in the year ago period.
Also, the industry’s new business premium income declined 28% to Rs18,282 crore during the quarter under review against Rs25,522 crore last year.
The council’s data further revealed that the number of life insurance agents declined to 24.27 lakh from 28.16 lakh in the year ago period.