The new business premium income for the life insurance industry witnessed 31 percent year-on-year rise in November. The total annual premium equivalent (APE) was 24 percent up and individual APE was 22 percent up. APE is the sum of the initial premium on new annual-premium policies, plus one-tenth of premiums on new single-premium policies. In other words, this is the premium basis used to compute life new business value.
Private insurers saw new business premium growth of 2 percent in November, while the total APE registered 30 percent growth. The individual APE was 27 percent up, according to data released by the Life Insurance Council (LIC).
In October, the collective new business premium income for life insurance companies witnessed a 15.32 percent year-on-year rise to 24,916.58 crore The growth in new business premium for the life insurance industry in October was backed by close to 18 percent y-o-y growth for the state-run LIC.
Here's a look at life insurance firms' performance in November:
HDFC Life
The new business premium rose by 41.2 percent, while the total annual premium equivalent (APE) was 57.4 percent up. The individual APE rose by 61.9 percent year-on-year.
ICICI Prudential
The new business premium of the company increased by 1 percent, while APE was 0.3 percent up. Individual APE was 3.5 percent YoY down.
Max Life
The new business premium of the company increased by 11.5 percent, while APE was 0.6 percent down. Individual APE was 0.4 percent YoY up.
SBI Life
The new business premium of the company decreased by 32 percent, while APE was 12.7 percent up. Individual APE was 30.3 percent YoY up.
Life Insurance Corporation (LIC)
The new business premium of the company increased by 51 percent, while APE was 29 percent up. Individual APE was 12.8 percent YoY up.
