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