While LIC saw a decline of 2% in its new business premium collection, private insurers witnessed a growth of 15% in the first quarter of FY 2014-15.
The new financial year has started on a slow note for life insurance companies. The life insurers clocked a marginal 3% growth in new business premium collection in the first quarter of FY 2014-15. Last fiscal, the life insurance companies saw a growth of 12% in the new business premium collection.
IRDA data shows that the 24 players mopped up Rs. 19,699 crore in April-June against Rs. 19,216 crore in the corresponding period last year. The industry sold over 38 lakh policies in the first quarter of FY 2014-15.
LIC
After witnessing a healthy growth of 18% in the preceding fiscal, LIC has started off the first quarter of current financial year with a marginal decline. The state owned life insurer has collected new business premium of Rs.14,016 crore in April-June 2014 compared to Rs.14,295 crore in the corresponding period last year, a decline of 2%.
Private insurers
The marginal growth in new business premium collection of life insurance industry was largely driven by private insurers. The private insurers witnessed a growth of 15% by collecting Rs.5,683 crore in April-June 2014 as against Rs.4,922 crore in the corresponding period last year.
HDFC Standard Life topped in terms of new business premium
collection. It collected Rs. 810 crore in April-June 2014. ICICI Prudential
which has maintained its dominant position among private insurers for quite a
few years slipped to second position by collecting new business premium of Rs.
782 crore.