Life insurance industry sees growth in February, largely driven by LIC
Max Life Insurance reported 51% increase in February premiums, with a 36% surge in Total Annual Premium Equivalent (APE).
The life insurance sector witnessed a surge in performance during February. The driving force behind the industry's overall growth was the performance of the Life Insurance Corporation (LIC). LIC marked its second consecutive strong month, displaying growth across key indicators.
LIC reported a 67% increase in February premiums, accompanied by a 28% rise in Total Annual Premium Equivalent (APE). The Q4FY24 total APE witnessed 32% growth, and the retail APE marked a 13% increase.
Among other top performers were Max Life Insurance and SBI Life Insurance.
Max Life Insurance reported a 51% increase in February premiums, with a 36% surge in total APE. For the entire Q4FY24, Max Life's APE grew by 44%, while the retail APE witnessed a 34% increase.
SBI Life Insurance, on the other hand, recorded a 32% growth in February premiums, with a 36% rise in total APE. Q4FY24 saw a 30% increase in total APE, and the retail APE experienced 26% growth.
Both Max Life and SBI Life have emerged as consistent outperformers this quarter.
Despite a slower start to the year, ICICI Prudential Life Insurance witnessed a strong rebound in February with a 33% increase in premiums and a 38% rise in total APE. Q4FY24 total APE grew by 19%, and the retail APE marked a 34% increase.
Similarly, HDFC Life Insurance recorded a decent performance after a period of slower growth. February premiums saw a 14% increase, with a 22% rise in total APE. Q4FY24 total APE grew by 16%, and the retail APE experienced 28% growth.
At the time of writing this report, LIC shares were trading 0.97% higher at ₹1,035.40 apiece on BSE. On the other hand, SBI life was 0.84% up at ₹1522.40 apiece.
HDFC Life Insurance, meanwhile, was 0.46% up at ₹624.60 apiece.
ICICI Prudential Life shares were trading 2.52% lower at ₹572.10 apiece.
(Edited by : Amrita)
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