Life insurance grew 3% YoY in August; SBI Life, ICICI Prudential Life outperformers

The Life Insurance industry grew by just nearly 3 percent in the month of August. However, private life insurance companies performed well in the said month.

As far as the private sector life insurance companies are concerned, they saw their premium growing by 21 percent in August year-on-year (YoY).

In terms of outperformers, there are two names companies - first one is SBI Life - its August premium grew by about 24 percent YoY, and 74 percent when compared to an average of the first four months of FY22, and the retail APE also grew by nearly 67 percent YoY.

The second company, which outperformed was ICICI Prudential Life. The August premium grew by 43 percent YoY and  37.50 percent when compared to the average of the first four months of FY22 and the retail APE also grew by 34 percent.

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A company that had a decent performance in the month of August was Max Life Insurance. Here the company's August premium grew by 16.50 percent, 34.8 percent when compared to the first four months average, and also the retail APE grew by 9.3 percent.

There was a muted growth for HDFC Life. The August premium was down nearly 6 percent, the August premium, when compared to the first four months average, was up 22 percent and the retail APE was just up about 26 percent YoY.