According to the data released by the Life Insurance Council on 22 August 2011, the life insurance industry witnessed a 5 per cent decline in its total premium collections for the quarter ended June 2011. The dip was a result of a sharp fall in new business premium during the quarter even as the renewal premium witnessed a double- digit growth.
The life insurance industry witnessed a 28 per cent drop in its new business premium from Rs 25522 crore in 2010 to Rs 18282 crore by the end of June 2011. The industry, however, witnessed a 13 per cent rise in its renewal premium from Rs 32959 crore in the quarter ended June 2010 to Rs 37221 crore in June 2011.
The total collection for the industry dropped from Rs 58559 crore to Rs 55523 crore.
The industry witnessed its total assets under management (AUM) cross Rs 15 lakh crore mark to touch Rs 1504,629 crore against Rs 1350,850 crore in 2010. The industry also saw a fall in the number of its insurance agents by around 4 lakh as the number came down from 28.16 lakh to 24.27 lakh in 2011.
The life Insurance industry’s contribution to infrastructure development however continued to be robust and the investment in infrastructure rose to Rs 200235 crore from Rs 142445 crore.
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