Bucking the industry trend, ICICI Prudential Life Insurance has reported 7 per cent increase in premium collection in the April-October period. ICICI Prudential premium collection, which is a reflection on the performance of the company, has gone up to Rs 2,365 crore during the April-October 2012, as compared to Rs 2,210 crore in the corresponding period last year.
The life insurance industry as a whole, including market leader like LIC, have shown decline in premium collection during the first seven months of the fiscal. As per the data released by the Insurance Regulatory and Development Authority of India (IRDA), total premium collected by the 24 life insurance companies have declined by 3.45 per cent to Rs 53,814.09 crore during the period.
They together had collected Rs 55,737.84 crore in the April-October 2011 period. India’s largest life insurer LIC reported a drop of 2.88 per cent in its premium collection, while the decline in private companies worked out to be 5.07 per cent.
Among the companies which reported better premium collection include Bajaj Allianz, ING Life and Met Life Insurance.
