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Life insurance data shows premium growth in December for private companies

Updated : January 08, 2021 09:29:44 IST

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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