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.