All life insurers post strong numbers in January — except HDFC Life
LIC, despite a dip in FY24 premium, demonstrated strength across various key metrics. January premiums surged by 24%, contributing to a 36% increase in total APE or annualised premium equivalent.
Almost all life insurance companies posted strong numbers in January 2024, marked by increases in premium collections and annualised premium equivalent (APE). However, HDFC Life faltered, experiencing a relatively weak performance during the month.
Max Life Insurance's January premium recorded an increase of 51%, contributing to a 26% rise in FY24 premium.
Moreover, the January total APE and retail APE surged by 53% and 51%, respectively.
SBI Life Insurance, on the other hand, saw a huge growth of 103% in January premiums. The FY24 premium also witnessed a rise of 30%, while the total APE and retail APE for January recorded increases of 35% and 17%, respectively.
ICICI Pru Life Insurance maintained a steady performance, reporting a 9% increase in January premiums and a 3% rise in FY24 premium.
The total APE for January increased by 3%, while the retail APE showed resilience with a 22% uptick.
LIC, despite a dip in FY24 premium, demonstrated strength across various key metrics.
January premiums surged by 24%, contributing to a 36% increase in total APE.
The retail APE for January also recorded a positive growth of 7%.
In contrast, HDFC Life Insurance faced challenges in January, reporting a modest 2% increase in premiums.
While the FY24 premium saw a 7% rise, the total APE and retail APE for January increased by 10% and 17%, respectively.
(Edited by : Shoma Bhattacharjee)
First Published: Feb 7, 2024 6:35 PM IST
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