Nirmal Bang: Private Life Insurers’ Annual Premium Equivalent Declined By 7% YoY Due To High Base
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Nirmal Bang Report
Individual annual premium equivalent for November 2020 was down 33% YoY.
Post turning positive in September and October 2020, growth in November 2020 turned negative on account of the high base of last year.
Note that in November 2019, the overall industry had reported individual APE growth of 60% YoY. Private industry’s individual APE declined by 7.1% YoY in November 2020 while Life Insurance Corporation reported a sharper decline of 54.3% YoY.
Year-to-date, the total industry is down 10% YoY, with the private industry down 7.7% YoY and LIC down 12.8% YoY.
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