Life Insurance Update - Strong Premium Growth Continues In August; Private Majors Outperform: ICICI Securities
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ICICI Securities Report
Total private life insurer annual premium equivalent has grown by 31%/42% YoY in FY22-to-date / August 2021.
Strong YoY growth in total APE in August was led by SBI Life Insurance Company Ltd. (55%), Bajaj Allianz (51%), ICICI Prudential Life Insurance Company Ltd. (30%), HDFC Life Insurance Company Ltd. (18%) and Max Life (8%).
Individual private insurer APE has grown 31%/39% YoY in FY22-to-date/Aug-21.
YoY growth in Aug-21 individual APE was led by SBI Life (67%) followed by Bajaj Allianz (53%), ICICI Life (34%), HDFC Life (27%) and Max Life (9% YoY).
SBI Life outperformed even on month-on-month basis with an individual APE growth of 10% in Aug-21 whereas HDFC Life witnessed decline of 1%.
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