The non-life insurance segment proves to be a better performer than life insurance
The non-insurance sector comprising 19 players, witnessed an increase of 20 percent to Rs 5,252.24 crore in the first month of the current fiscal from Rs 4,381.49 crore in April 2010, according to the IRDA data released on Tuesday.
The life insurance sector saw a dip in their business by 12 percent with the total income earned out of new business amounting to Rs 5,063.37 crore during April 2011. In April, private sector insurance companies reported a decline of 14.5 percent. At the same time, LIC also reported a drop of 10.89 percent to Rs 3,718.77 crore.
Pension products contributed around 30 percent to the industry's income. However, after the regulator applied a mandatory return on the product, its sales have come to a standstill.
Among the private sector players in the non-life segment, ICICI Lombard tops the list with Rs.586.80 crore and is followed by Bajaj Allianz Rs.280.97 crore. Among the PSU entities, New India Assurance leads the industry earning with Rs.1,002 crore followed by United India with Rs.719.19 crore, National Insurance at Rs.654 crore and Oriental Insurance at Rs.580.76 crore.