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ICICI Securities Report
Premium growth remains strong for life insurers. This is especially true for private insurers who clocked an annual premium equivalent of Rs 80 billion in December 2021, the highest in December of any year and bettered only by a seasonally stronger March 2021.
During nine months-FY22, individual APE growth has been strong for Bajaj Allianz (58%), SBI Life Insurance Company Ltd. (38%), ICICI Prudential Life Insurance Company Ltd. (28%), HDFC Life Insurance Company Ltd. (21%) and Max Life (23%).
Total private life insurers’ individual APE grew by 30% in 9MFY22.
In 9MFY22, we have seen 4.4% and 9.7% growth in number of policies for private players and LIC respectively. SBI Life maintains leadership with its number of policies growing by 20% in 9MFY22.
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