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Mumbai, Aug. 2 Life Insurance Corporation of India has seen a 12-per cent drop in new business premium in the first quarter of the fiscal.

The leading public sector life insurer in the country has earned new business premium of Rs 7,524 crore, down from Rs 8,580 crore in the corresponding quarter of the previous year. LIC’s market share has shrunk to around 52 per cent. In 2007-08, its market share had fallen to 64 per cent, from 74 per cent in the previous year.

A senior official at LIC attributed the slump to a large number of transfers and reallocation of portfolios within the corporation. The insurer is also introducing a change in its product strategy.

The private sector saw a robust growth of 73 per cent in the first quarter and raked in new business of Rs 6,795 crore.

SBI Life, Reliance Life and Birla Sun Life had grown by over 150 per cent. ICICI Prudential has grown by around 51 per cent at Rs 1,590 crore.

The life insurance industry grew by 14 per cent in the first quarter with new business premium at Rs 14,320 crore.

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