Insurance companies collected a total premium of Rs 219.97 billion during the period of April - July 2009, a growth of 9.01% over the previous year period.
The data released by Insurance Regulatory Authority of India (IRDA) is based on the basis of premiums collected by 22 companies.
The growth of 9% was possible due to state-run, Life Insurance Corporation of India (LIC) which collected a premium of over Rs 142.66 billion, thus registering a growth of over 32.13%.
While LIC saw a growth of over 30%, private players on the other hand, witnessed a decline of 17.59% in the premiums collected during the period April - July 2009.
The largest private insurer ICICI Prudential garnered almost Rs 12 billion against the Rs 21 billion last year which is a fall of a whopping 45%. Bajaj Allianz has also seen a 30% fall in premium collections garnering only about Rs 8.40 billion. The State Bank of India (SBI) Life has done comparatively better and has witnessed only a 4% drop in premium collections.
Some of these smaller players have managed to see a growth in premium collections. Bharti AXA Life Insurance, for example, has garnered Rs 670 million against the Rs 440 million that it garnered last year.
Source : IRDA
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