India's life insurance industry recorded almost nil growth with new premium incomes rising at a flat 0.06 per cent in the 11 months ended 28 February, compared with the same period a year earlier.

Total premium collections in the April-February 2008-09 remained almost flat at Rs72,017 crore, up a meager 0.06 per cent from the Rs71,971 crore received in the same period of the previous year, official data showed.

Data provided by the Insurance Regulatory Authority of India (IRDA) on new business premium collection by life insurance companies between April 2008 and February 2009 show negative growth in incomes of major life insurance companies, including Life Insurance Corporation of India (LIC). 

Mid-size companies, however, saw a growth in premium income of over 50 per cent in some cases. 

Hit by the effects of the economic slowdown, LIC, the country's largest insurance company - both by revenue and market cap - saw its new premium incomes fall 4.03 per cent to Rs43,883 crore in the 11 months ended 28 February, compared to Rs45,725 crore during the same period last fiscal.

ICICI Prudential Life reported a12.4 per cent fall in new premium collections at Rs5.925 crore in the 11 months ended February 2009, from Rs6,765 during the same period of the previous fiscal year.

New premium collections at Bajaj Allianz fell 28.29 per cent in April-February 2008-09 to Rs3,679 crore from Rs5,131 crore in the same period of the previous fiscal, while HDFC Standard Life saw its new premium collections fall 6.34 per cent to Rs2,093 crore from Rs2,235 crore during the period.

However, SBI Life reported a 22.53 per cent rise in new premium incomes at Rs4,348 crore in April-February 2008-09 from Rs3,549 crore in the same period of the previous year.

Reliance Life's new premium income rose 45.57 per cent at Rs2,921 crore in April-February 2008-09 from Rs2,006 in the same period of the previous year.
 
Birla Sun Life  reported the highest growth of 53.91 per cent at Rs2,210 crore in the 11 months ended February 2009 from Rs1,436  in the same period of the previous year.
 
Kotak Life's new premium collections grew  34.53 per cent to Rs1,056 in the April-February 2008-09 period from Rs785 crore in the same period of the previous year.

Tata AIG  saw its new premium incomes rise 14.68 per cent to Rs902 crore  in the 11 months ended February 2009 from Rs787 crore in the same period of the previous year.

Met Life's new insurance premiums vaulted 50.13 crore during April-February 2008-09 to Rs 917 crore from Rs589 crore in the same period of the previous year.

Insurance companies make nearly 40 per cent of their incomes in the last three months of the financial year. But, with investors holding on to their cash or deploying it in bank deposits and other attractive options, the insurers have not seen a surge in the premium collection this quarter.