Life Insurance Update - Strong Performance In May Despite Lockdowns: IDBI Capital
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IDBI Capital Report
Overall new business premium (NBP) declined 5.5% YoY for the industry to Rs 129.8 billion as private players fared better with a 14.2% YoY increase in overall NBP to Rs 40.3 billion.
HDFC Life Insurance Company Ltd. registered a strong performance as overall NBP grew sharply by 46.6% YoY to Rs 9.4 billion.
This outperformance by HDFC Life was driven by a substantial increase in the group single premiums which jumped 2.1 times.
Overall NBP for ICICI Prudential Life Insurance Company Ltd. declined 3.9% YoY while SBI Life Insurance Company Ltd. saw a modest 1.6% YoY increase in overall NBP in May 2021.
Max Financial Services Ltd. continues to perform well with overall NBP up 25.1% YoY to Rs 2.9 billion.
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