Total life insurance industry premium falls 17% in February
The private life insurance premium was 10 percent up, while retail annual premium equivalent (APE) was 18 percent up YoY. In individual companies, the premium was 32 percent down in case of LIC. The February retail APE was 3 percent YoY down for LIC.
The total life insurance premium lowered by 17 percent year-on-year (YoY) in February, according to the provisional data. The private life insurance premium was 10 percent up, while retail annual premium equivalent (APE) was 18 percent up YoY. In individual companies, the premium was 32 percent down in case of LIC. The February retail APE was 3 percent YoY down for LIC.
For HDFC Life and Exide Life insurance, the premium was 9 percent YoY up in February. However, the premium up to February was 7 percent YoY up. The retail APE was 38 percent up YoY in the month.
The premium was 1 percent down in February in case of ICICI Prudential Life Insurance. However, the premium up to February was 9 percent up YoY. The retail APE was 7 percent up YoY in the month.
Max Life Insurance, on the other, reported premium rise of 4 percent in the month. Up to February, the premium was 7 percent up and retail APE was reported 6 percent up.
Meanwhile, SBI Life Insurance reported premium rise of 7 percent in the month. Up to February, the premium was 15 percent up and retail APE was reported 02. percent down.
The general insurance trend for the month of February, on the other hand, presented a mixed picture as the overall premium has increased 20 percent year-on-year while it’s down 22 percent on a sequential basis. For health insurance, the sector has seen a growth of 27 percent year-on-year while it’s down 9 percent month-on-month. The month of February being smaller than January in the number of days, can also be one of the reasons for the premium being lower month-on-month.
The private general insurer ICICI Lombard has reported a rise of 10 bps in market share despite a fall of 5 percent in premium year-on-year and 36 percent month-on-month. Star Health has witnessed a drop of 17 bps in market share with premium rising 16 percent year-on-year while on a sequential basis, the premium has slipped one percent.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Supreme Court says it may consider interim bail for Arvind Kejriwal due to ongoing Lok Sabha polls
May 3, 2024 4:57 PM
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM