homefinance NewsLife insurance sector reports 18% rise in premiums in June, private insurers record 13% surge
Life insurance sector reports 18% rise in premiums in June, private insurers record 13% surge
Life insurance data: The total premium advanced by 13 percent for the private insurers. While the total APE for them rose by 16 percent, individual APE was 12 percent up.
The total premium growth surged by 18 percent year on-year (YoY) for the life insurance sector in the month of June. The total annual premium equivalent (APE) was 9 percent up, while individual APE rose 3 percent, the monthly data showed. The total premium advanced by 13 percent for the private insurers. While the total APE for them rose by 16 percent, individual APE was 12 percent up.
Talking about specific companies, Life Insurance Corporation (LIC) reported 21 percent rise in total premium. The retail APE was 11 percent down, while total APE stood flat in June.
On the other hand, HDFC Life reported 31 percent rise in total premium, while total APE rose by 28 percent. The individual APE was also 28 percent up.
ICICI Prudential reported 23 percent rise in total premium, while its total APE surged by 41 percent. The individual APE was 12 percent up.
In case of Max Financial, the total premium was 45 percent up, while individual APE was 12 percent up. It total APE rose by 18 percent.
SBI Life Insurance reported total premium decline by 13 percent. The individual APE was 5 percent up, while total APE was 3 percent up.
Meanwhile, non-life insurance companies reported 14.01 percent growth in gross written premium in June to Rs 20,112.8 crore, latest data released by General Insurance Council showed. For the April-June period, these companies reported a growth of 17.5 percent to Rs 63,574.30 crore.
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