Life insurance industry’s profit doubles to Rs 5,974 cr

Even as premium income fell, the life insurance industry’s net profit more than doubled during 2011-12, at Rs 5,974 crore, against Rs 2,657 crore the previous year. Of the 24 life insurers in business during the last financial year, 14 reported profits, according to the Insurance Regulatory and Development Authority’s annual report for 2011-12.

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Private life insurers see drop in premium

After reporting moderate growth over the past few months, the premium collected by private life insurance companies declined 9% year-on-year (y-o-y ) in September. The poor show impacted the performance of private insurers during the first half of the current financial year.

The premium mobilized by private players dropped 2% yo-y to Rs 7,095 crore in April-September, data showed. Public sector behemoth LIC saved the day for the industry recording a robust 24% y-o-y growth in premium collections to Rs 15,532.7 crore during the period.

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