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The first-year premium of life insurers in the first three quarters of the current financial year ended December 31, 2012 declined 12.6 per cent to Rs 69,184 crore compared with Rs 79,153 crore in the year-ago period.
According to business figures released by the Insurance Regulatory and Development Authority, Life Insurance Corporation has registered Rs 50,277-crore first-year premium during the period up to December 31, 2012 compared with Rs 52,053 crore in the previous fiscal marking 3.4 per cent decrease.
Private insurers’ premium declined 5 per cent to Rs 18,906 crore (Rs 19,900 crore).
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