the life insurance sector witnessed a marginal 17 decline in the firstyear premium during the first half of 201415 the firstyear premium collection dropped to rs 49178 crore from rs 50056 crore during the same period in the previous year in absolute terms lic was the biggest loser with its firstyear premium income dropping by rs 2073 crore or 55 see table lics market share in the first year pie has dropped from 753 in 201314 to 728 in the first half of 201415 one of the reasons for this is the public sector insurers overdependence on longtime favourite policies and its failure to launch a ulip after the 2010 guidelines source irda while private insurers have launched ulips that comply with the new rules lic still doesnt have one lic chairman s k roy says the publicsector insurer may launch a ulip by march 2015 the company has also been hit because its bestselling traditional policies were replaced after the new regulations came into effect while lic and the overall industry saw a decline between 1 april and 30 september a few private insurers did brisk business during this period icici prudential life insurance and hdfc life reported a 37 and 30 increase in firstyear premium collection respectively max life and reliance life also reported decent growth but bajaj allianz and sbi life tripped