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Life insurance private players up,LIC down

New Delhi, June 5 (): Life insurance industry collections in April 2013 has seen private insurance companies take a lead while the state owned LIC saw a fall. IRDA data shows total premiums of Rs 4965.37 crore for April was collected, a 0.57 per cent rise from the same period last year. Private insurers recorded a 18.5 per cent rise in new premium collection, LIC saw a 4.7 per cent fall.

Private life insurance companies collected new policy premiums of Rs 1333.67 crore for the April period in individual and group policy segments. LIC collected new premiums of Rs 3,631.72 crore for April 2013 whereas it was Rs 3,811.72 crore in April 2012.

On the general insurance sector, saw a 22.01 per cent rise in premium collection for April 2013. They collected new premiums of Rs 7,890.40 crore in the April 2013 , as against Rs 6,467 crore in April 2012.

State owned general insurers contributed Rs 4245.52 crore to the exchequer, a 15.1 per cent rise over the same period previous year. Private general insurers contribution was Rs 3644.89 crore and saw a 31.1 per cent rise in new premium collection of the same period last year
The industry has seen 7-8 lakh agents in the last four years lose their jobs, according to general of the Life Insurance Council. 35 lakh agents have been terminated from service while an addition of over 26 lakh in the last four years took years.

To offset this drop in the number of agents in the industry, IRDA (Insurance Regulatory and Development Authority) has reduced the pass percentage in recruitment examination to 35% from 50%. The largest beneficiary player in the private life insurance industry is ICICI Prudential Life Insurance, the insurance arm of ICICI Bank which posted a 8.09% rise in profit after tax for the year ended March 2013. The private life insurer ICICI Prudential Life Insurance posted net profit of Rs 1,496 crore which was Rs 1,384 crore for the year ended March 2012.

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