Shrinking Product Suite Impacting LIC’s New Business Premium Collection

On June 11, 2014

Country’s largest insurer, Life Insurance Corporation of India (LIC) is seeing a decline in new business premium. One of the main reasons behind declining sales is shrinking product portfolio of the insurer. Insurance behemoth had 54 products in the market till December 2013, which had come down to mere 10…

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Reliance Life New Business Income Up 56%

On February 24, 2014

Private insurer, Reliance Life Insurance has recorded a 56% surge in its new business premium income in the first nine months of this fiscal and expects further growth in the current quarter. Helped by a significant increase in individual insurance segment, Reliance Life saw its new business premium collection rising…

Aegon Religare Ties-Up With YES Bank

On July 23, 2013

Aegon Religare Life Insurance has tied up with Yes Bank to use the branch distribution network for insurance premium collection from its customers. The Aegon Religare said that the objective of this initiative is to offer its customers with another convenient mode to pay their renewal premium and new business…

Reliance Life New Business Up Two-Fold In Q1 FY’14

On July 11, 2013

Private insurer, Reliance Life Insurance has posted a two  fold rise in its new business premium to Rs 514 crores during the first quarter of FY’14 (April-June 2013) as against Rs 251 crores in corresponding period last year. The company reported 48% growth in new business (individual) premium at Rs…

Profits Of Top Private Life Insurers Rose 7 % In FY’13

On June 20, 2013

The top seven private sector life insurance companies, which account for around 70% of the first year premium income, saw their net profits rise 7% in FY’13. However, industry as a whole saw new business premium collections dip amid a tough business environment. Apart from poor renewals of life insurance…

IDBI Federal Posted Maiden Profit Of Rs 9.24 Crores In FY’13

On June 5, 2013

IDBI Federal Life Insurance has posted a maiden profit of Rs 9.24 crores for the financial year 2012-13, its fifth year of operations. In FY’12, the company has posted a loss of Rs 69.8 crores. Focus on long term traditional life insurance products and lower cost, helped the company to…

Reliance Life Eyes Higher Profits In FY’14

On June 3, 2013

After clocking full-year profit for two consecutive fiscals, Reliance Life expects to clock much higher profits in the current financial year. The company reported a net profit of Rs 380 crores in FY’13 as against Rs 373 crores in FY’12. The company had recorded its first full-year net profit in…

Shriram Life Posted Profit Of Rs 82 Crores In FY’13

On May 31, 2013

Private insurer, Shriram Life Insurance has posted a profit after tax (PAT) of Rs 82 crores for FY’13 as against Rs 56 crores in FY’12. The company’s gross premium collection stood at Rs 618 crores in the year ended 31 March 2013. The new business premium stood at Rs 421…

SBI, Reliance Witnessed Steep Fall In Life Insurance Premium

On May 2, 2013

The life insurance industry witnessed a drop of 6% in premium collection during the financial year 2012-13, with large private sector life insurers like SBI Life and Reliance Life recording a steep fall in premium income. The total premium collection by 24 life insurers during FY’13 stood at Rs 1,…

New Business Premium Of Life Insurers Declined 6.3% In FY’13

On April 30, 2013

The life insurance sector saw a 6.3% drop in new business premiums for the financial year 2012-13 at Rs 1,07,001 crores as against Rs 1,14,233 crores in FY’12. Country’s largest insurer, Life Insurance Corporation of India (LIC) saw a 6.4% drops in new premium collection in FY’13 at Rs 76,246…