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.
