The latest figures released by Insurance Regulatory and Development Authority (IRDA) disclosed that life insurance industry has posted an 11% decline in its premium incomes during the 11 months period, which ended on 28 February, 2009.

IRDA’s data also showed that the life insurers collected Rs 36,467 crore as premium incomes in the period under review.

The report also highlighted that the premium incomes earned during Feb 2009 were 12 per cent up as compared to the premium incomes in January 2009.

The report also revealed that the premium income of the India’s largest Life Insurance Company, Life Insurance Corp. of India Ltd declined 28 per cent as compared to the year-before figures.

Among the private life insurers, ICICI Prudential Life Insurance Co. Ltd, Bajaj Allianz Life Insurance Co. Ltd and Aviva Life Insurance Co. India Ltd also witnessed a major fall in their premium incomes.
 
Aviva Life Insurance Co posted a decline of 30 per cent; Bajaj Allianz Life Insurance Co. Ltd recorded a fall of 29 per cent whereas the ICICI Prudential Life Insurance Co. Ltd premium income declined by 19 per cent.

The data is based on premium collections from individuals and didn’t include single-premium insurance plans.