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The first-year premium of the life insurance industry for the period April-February 2012 has declined 13.34 per cent.
Going by the data released by the Insurance Regulatory and Development Authority, the first-year premium of life insurers up to the period ended February 29, 2012, stood at Rs 90,016 crore.
The same was higher at Rs 1,03,878 crore in the corresponding period of the previous fiscal.
The private insurance business suffered a higher decline at 17.7 per cent while the state insurer, Life Insurance Corporation of India, posted a 11.3 per cent fall in first-year premium.
ULIP sales dip
The decline was largely due to dip in sales of unit-linked insurance plans due to the new regulatory regime introduced in September 2010.
The decrease in new business premium is also on the expected lines.
Referring to decline in the life insurance industry in the first nine months of the current fiscal ended December 31, 2011, Mr J. Hari Narayan, Chairman, IRDA, said recently that the industry would close the year with about 13 per cent de-growth.
In non-life insurance, the gross premium underwritten up to end-February (April-February 2012), increased by 24 per cent at Rs 52,104 crore (Rs 42,011 crore).
The private general insurers posted higher growth than the public insurers. The gross premium underwritten by them grew by 26.2 per cent to Rs 21,885 core (Rs 17,341 crore).
The public non-life insurers grew by 22.5 per cent at Rs 30,219 crore (Rs 24,670 crore), as per flash figures released by the regulator.
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