The Life Insurance Corporation of India (LIC) registered strong growth in January. The total premium of the public sector insurance behemoth grew by about 15.3 percent in January, while the retail annual premium equivalent (APE) rose by 100 percent in the same period.
The insurance data from January shows that the premium of private insurers has grown by about 15.3 percent, compared to average growth of about 20 percent in the first nine months of FY20. The retail APE for private life insurance companies has also grown by about 10 percent.
In the case of individual companies, HDFC Life's premium has grown by about 14 percent which compares to 22.4 percent in the first nine months. The APE for HDFC Life has grown by 11.5 percent.
For ICICI Prudential Life, the January premium is up 12.3 percent. The retail APE is up 4.8 percent.
Max Life Insurance interestingly has seen strong growth -- 19.8 percent total premium growth and an APE growth of about 15 percent.