Private insurers see total annual premium equivalent growth turn positive year on year in July and decline this fiscal till July is only 15 percent now. Thus broadly, July seems like a good month and recovery seems on track. However, the insurance industry ending flat or with single-digit growth won’t be bad, said HDFC Life’s Vibha Padalkar. Speaking with CNBC-TV18, the managing director and chief executive officer of HDFC Life said the company is aiming to wipe out the decline seen in the first half of the year.
On growth, Padalkar said, “With COVID-19 you can never be very sure but the growth has been progressive. So it is not just a one-time event that has happened in July but if we were to look at progressively from April, May, June, July it has been steadily getting better and that is how you have seen the 12 percent growth.”
HDFC Life grew 58 percent last year with the growth coming on a high base, said Padalkar.
“What is noteworthy and something we are proud of is that we had a very tall ask in terms of the base. We grew 58 percent in the month of July last year and against that kind of a base which would have been anyway difficult with COVID or no-COVID-19 we grew by 12 percent. If you were to deconstruct this in terms of some of our channels, we are finding that progressively we are getting better. For example, our online channel has already had a breakeven, if you were to look at our Bancassurance channel – it grew 33 percent last July and against that another growth of 33 percent. so it is a very good performance.”
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