State-owned LIC has outperformed its peers in the private sector in premium collection by recording a 32 per cent growth during the nine months ended December, 2013 of the current fiscal.
Although 23 private sector insurance companies taken together recorded a flat growth, Reliance Life, Max Life and MetLife bucked the trend by recording growth in new business premium.
The private sector insurance companies garnered Rs 18,951.27 crore during the nine months of 2013-14 compared to Rs 18,907.07 crore in the same period of last year.
LIC witnessed a 32 per cent growth in premium income to Rs 65,775 crore during the nine-month period ending December as against Rs 50,277.42 crore during the same period last year.
However, several large private sector insurance companies, including ICICI Prudential, HDFC Standard Life, Birla Sun Life and SBI Life, witnessed a decline in premium collection during the April-December period compared to the same period last year, as per the data released by the Insurance Regulatory and Development Authority (IRDA).
Among the large private sector insurers, Reliance Life has performed better, with premium collection rising by 56 per cent to Rs 1,424.13 crore from 911.75 crore in the same period last year, mainly on account of increase in group non-single premium.
Besides, Max Life first year premium rose to Rs 1,479.24 crore as compared to Rs 1,283.96 crore in the same period of the previous fiscal.
Life insurance companies collect premium under four segments -- individual single, individual non-single, group single and group non-single.