New Delhi: The life insurance industry has witnessed a 28 per cent decline in total premium collection at Rs 18,282.85 crore in the first three months of the current fiscal.
The 23-player life insurance industry had collected premium worth Rs 25,522.2 crore in the April-June period of the previous fiscal, according to data compiled by Insurance Regulatory and Development Authority (IRDA).
Led by country's largest insurer LIC, a majority of the insurance companies have seen a decline in their premium income.
During the first quarter of the current fiscal, Life Insurance Corporation (LIC) saw its premium income decline by 25 per cent to Rs 14,061.35 crore.
The remaining 22 private companies saw their total premium income declined 38 per cent to Rs 4,221.5 crore at the end of June.
However, the general insurance industry witnessed an impressive 22 per cent growth in their total premium income to Rs 14,045.87 crore in the April-June quarter of current fiscal.
The 24 player industry, with four public sector players, had a premium income of Rs 11479.64 crore in the June quarter of FY '10.