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Life insurance March data: Total premiums rise 15.6%, annual premium equivalent down 4%
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The surge in premiums can be attributed to heightened demand for enhanced insurance protection from both individual and corporate consumers.
The life insurance sector witnessed an increase in total premiums in March, with a year-on-year growth of 15.6%. However, the Annual Premium Equivalent (APE) experienced a slight decline of 4% compared to the same period last year.
The surge in premiums can be attributed to heightened demand for enhanced insurance protection from individual and corporate consumers.
According to data released by the Life Insurance Council, the sector witnessed an increase in new business premium collections in March 2024, amounting to ₹60,213 crore.
This growth, particularly in group premiums, contributed significantly to the overall rise in new business premiums.
HDFC Life reported a 16% rise in total premiums, although its APE saw a drop of 20% year-on-year.
ICICI Prudential exhibited a similar trend with a 16% surge in total premiums and an 18% increase in APE compared to the previous year.
Max Life also witnessed a 16% growth in total premiums, while its APE saw a modest uptick of 3% year-on-year.
SBI Life demonstrated a strong performance, recording a 16% increase in total premiums and a rise of 37% in APE compared to the corresponding period last year.
The general insurance industry, meanwhile, witnessed a 10% rise in premiums in March and a 13% growth in the financial year 2024 (FY24). The key players in the industry showcased diverse performance metrics during this period.
ICICI Lombard reported an 18% increase in premiums for March and a 22% surge in the fourth quarter of FY24. The company sustained its momentum with an 18% growth for the full financial year, nearly double the industry average.
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