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Life Insurance: Premium collections up for private players
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Individual annualised premium equivalent (APE) growth remained strong in October 2021 for private players (up 23% y-o-y/19% growth on 2-year CAGR basis). Strong traction in non-par savings reflecting substitution of fixed deposits (FDs)/small savings and rally in capital markets supporting unit-linked insurance plans (Ulips), are likely drivers.
HDFC Life, SBI Life and Max Life delivered strong 33%, 23% and 22% growth in individual APE on a two-year CAGR basis. ICICI Pru Life’s individual APE was up 23%, although lower than 35-40% in the past two months. Bajaj Allianz Life’s and Tata AIA Life’s 2-year individual APE growth stayed strong at 29% and 19%, respectively.
Individual APE growth remains strong Overall growth in APE was strong at 23%
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