New Delhi: The life insurance industry registered an 11% fall in premium incomes in the 11 months ended 28 February compared with a year earlier.
The latest data released by Insurance Regulatory and Development Authority (Irda) show that life insurers collected a combined Rs36,467 crore in premium income in the period. Compared with January, however, the premium incomes rose by 12%.
The premium income of Life Insurance Corp. of India Ltd fell by 28% from a year ago.
Private players such as ICICI Prudential Life Insurance Co. Ltd, Bajaj Allianz Life Insurance Co. Ltd and Aviva Life Insurance Co. India Ltd also saw a decline in their premium income by 19%, 29% and 30%, respectively.
The data is based on premium collections from individuals and didn’t include single-premium insurance plans.