Life insurance companies reported mixed growth in September, with HDFC Life and ICICI Prudential Life recording strong year-on-year growth in premium, while retail annualised premium equivalent (APE) growth remained subdued for some insurers.
HDFC Life’s premium rose 36% year-on-year, while its retail APE increased 24%.
ICICI Prudential Life reported the highest premium growth among the four insurers, with premium rising 53% YoY. However, its retail APE growth was limited to 1%.
Axis Max Life’s premium increased 7.4% YoY, while retail APE grew 4%.
For SBI Life, premium growth stood at 2% YoY, while retail APE declined 2% during the month.
Retail APE, which annualises regularised new business premiums, is commonly used as an indicator of the underlying pace of new business in the life insurance sector.