<div><strong><em>The year ending March, 2015 saw premium collections falling for the industry but the private players held ground, while LIC showed downturn in every department, reports Sunil Dhawan</em></strong></div><div> </div><div>The life insurance sector witnessed a slowdown in every department in 2015. The 31st March figures for 2015 compared with those in the previous year shows a decline in total premium collection in both single and non-single (regular premium) policies under both individual and group insurance categories. </div><div> </div><div>Industry figures: While the total first year premium (FYP) collection has fallen by about 6 per cent, it's the regular premium collection that has fallen the most at around 11 per cent for the entire industry. As against clocking nearly Rs 1, 20,000 crore in 2014, the industry saw FYP of nearly Rs 1, 13,000 crore by 31st march, 2015.</div><div>The picture however is not so bleak for the private sector players as compared to the state-owned, Life Insurance Corporation of India and the India's largest insurer so far in terms of almost all major parameters.</div><div> </div><div>Comparative: Private players business saw a growth of nearly 18 per cent by underwriting nearly Rs 35,000 crore as against Rs 29,000 crore near-about in the previous year. LIC's business on the other hand saw a decline and clocked nearly Rs 78, 000 crore as against around Rs 90,000 crore in previous year, a fall of nearly 13 per cent.</div><div> </div><div><img alt="" src="http://bw-image.s3.amazonaws.com/business-lrg.jpg" style="width: 638px; height: 380px;"></div>
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