July insurance business data: Premium collection numbers look strong
The July business data for the life insurance companies has been out. The premium collection in July compared to Q1FY22 looks very strong, though the number of July compared year-on-year (YoY) basis is flat or mildly positive.
The July business data for the life insurance companies has been out. The premium collection in July compared to Q1FY22 looks very strong, though the number of July compared year-on-year (YoY) basis is flat or mildly positive.
In July, the total premium is down 11 percent and which is because of LIC’s premium collection in the month is down 21 percent. Private life insurance companies’ growth on the premium collection is nearly 7.5 percent.
HDFC Life Insurance has seen 3.5 percent rise in July premium YoY. The July premium when compared to Q1FY22 is up 61 percent and the retail APE (Annual premium equivalent) in July is up 22 percent on YoY basis.
For ICICI Prudential Life Insurance, the July premium is up 36 percent on a YoY basis and when compared to Q1FY22 basis, it is up 77 percent, the retail APE in the month is up 8 percent.
For Max Life Insurance, the July premium is up 22 percent on a YoY basis but when compared to Q1FY22, it is up 39 percent. The retail APE is down 33 percent on a YoY basis.
For SBI Life Insurance, the July premium is down 6 percent on a YoY basis. When July is compared to Q1FY22, the premium is up 61 percent and finally the retail APE is up 52 percent on a YoY basis.
CNBC-TV18’s Yash Jain has more details.
(Edited by : Bivekananda Biswas)
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