Tata AIA, Rel Life witness sharp fall in premium collection

Tata AIA and Reliance Life witnessed steepest decline in the collection of life insurance premium during the six-month period ending September 2012, Parliament was informed today.

The total premium collected by Tata AIA Life Insurance during April-September 2012 declined by 29.55 per cent followed by Reliance Life Insurance at 28.62 per cent, Minister of State for Finance Namo Narain Meena said in written reply.

"The reasons for a negative growth in the premium collections are various factors that are influencing the financial sector as a whole", the Minister said, adding the 23 private sector life insurance companies collectively witnessed 8.13 per cent decline in premium collection.

The lone public sector player Life Insurance Corporation (LIC) fared much better than its private sector peers, by recording only a marginal decline of 0.18 per cent in premium collection during the six-month period.

The other private sector insurance companies which have witnessed significant fall in premium collection were SBI Life (23.97 per cent), Birla Sun Life (15.56 per cent), Shriram Life (14.6 per cent), Sahara Life (12.94 per cent) and Future Generali Life Insurance (12.60 per cent).

The figures provided by the Minister revealed that premium collected by the private sector life insurance companies during the first half of the current fiscal declined to Rs 32,423 crore from Rs 35,059 crore in the corresponding period a year ago.

LIC collected a premium of Rs 87,780 crore, down marginally from Rs 87,937 crore in the six-month period of the previous fiscal, the minister said quoting figures.

EDITORIAL OF THE DAY

  • Public sector banks need to be independent of govt ownership

    The RBI, in its financial stability report released last week, has flagged off concerns about the deteriorating asset quality of public sector banks.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Arun Kumar Jain

A complex challenge for our PSUs

Till the mid-1990s, the central government and its companies were ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Dharmendra Khandal

The one in which a blue whale was washed ashore

Quite unexpectedly, a gigantic blue whale was washed ashore at ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture