Updated January 10th, 2024 at 12:33 IST
Insurance sector's December dynamics: LIC shines, HDFC faces challenges
In December, HDFC Life recorded a 3.3% premium growth but faced a 4.7% YoY decline in individual APE.
LIC's strong performance: The premium for Life Insurance Corporation of India (LIC) has witnessed an upswing, marking a notable 94 per cent YoY growth, according to data for the month of December. This surge in premiums is accompanied by a 2 per cent increase in Individual Annualised Premium Equivalent (APE) compared to the previous year, signalling a robust performance for the insurance provider.
Diverse December dynamics
Analysing the broader landscape of the life insurance sector in December, the data unveils a mix of trends in premium collections and individual APE for various insurers. Notably, HDFC Life recorded a 3.3 per cent growth in premiums, but its individual APE experienced a 4.7 per cent decline YoY.
In the positive growth spectrum, ICICI Prudential Life Insurance showcased a 3 per cent increase in premium collections, coupled with a significant 12.6 per cent rise in individual APE compared to the same period last year. Similarly, Max Life demonstrated notable progress with an 18 per cent increase in premium collections and a 15 per cent growth in individual APE YoY.
SBI Life experienced a substantial 21 per cent rise in premium collections compared to the previous year. Furthermore, the Individual APE for SBI Life demonstrated a notable expansion of 19.6 per cent, underlining a robust performance in both categories.
Published January 9th, 2024 at 20:26 IST