HomeFinance NewsLife insurance data shows premium growth in December for private companies

Life insurance data shows premium growth in December for private companies

Life Insurance data for the month of December is out and there is a premium growth seen for private companies.

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By Yash Jain  January 8, 2021, 9:29:44 PM IST (Updated)

After recording a drop of 27 percent in November premium collection, the life insurance sector seems to be stabilising a little bit in the month of December. The total premium collected by life insurance companies, private and public put together, in December was down  around 3 percent on a year on year basis and down 2 percent on a year to date basis this financial year.


The recovery in the life insurance sector can be entirely attributed to the private life insurance space which showed a growth of 22 percent in December when compared on a year on year basis and a growth of 6.5 percent on a year to date basis.

HDFC LIFE INSURANCE saw its total premium collection in the month of December growing by 27 percent, this when compared to December 2019. On a year to date, total premium for HDFC Life grew by 11 percent.

HDFC Life’s APE or Annual Premium Equivalent saw a growth of 4 percent.

For ICICI PRUDENTIAL LIFE INSURANCE, the total premium in the month of November grew by 32 percent on a year-on-year basis. On a year to date basis, the insurer’s premium collection fell by 3 percent.

ICICI Prudential Life Insurance’s December APE dropped by massive 24 percent on a year-on-year basis.

MAX LIFE INSURANCE performed better than the industry. The insurer’s December premium grew by 21 percent on a year-on-year basis and 15 percent on a year to date.

APE growth for the Max Life Insurance, when compared to same time last year showed a growth of 18 percent.

Finally, SBI LIFE INSURANCE’s December premium grew by 12 percent on a year-on-year basis. On a year to date basis, the insurer’s total premium collection grew by 13 percent.

SBI Life’s December APE, when compared to the same time last year grew by 6 percent.

For LIC, the damage has been much worse. The total premium collected by the life insurance behemoth in December fell by 15 percent when compared to last year and 2 percent when compared on a year to date basis.

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