According to the monthly industry data, the life insurance industry’s Retail Weighted Received Premium (RWRP) grew 16% year-on-year in June. LIC’s RWRP increased 21%, while private life insurers recorded 13% growth over the same period.
Among the large private insurers, SBI Life reported an 18% year-on-year increase in both Annualised Premium Equivalent (APE) and Retail APE. Its New Business Premium (NBP) rose 22%.
Axis Max Life also delivered broad-based growth, with NBP and APE rising 21% each, while Retail APE increased 15% during the month.
ICICI Prudential Life reported 25% growth in NBP, while APE rose 24% and Retail APE increased 13% year-on-year.
Canara HSBC Life continued to report strong momentum, with NBP up 21%, APE up 20%, and Retail APE rising 28% in June.
HDFC Life posted the highest growth in New Business Premium among the large private insurers at 32%, while APE increased 8%. Its Retail APE remained flat compared with the year-ago period.
Meanwhile, LIC reported 1% growth in New Business Premium, while APE rose 26% and Retail APE increased 21% year-on-year.
On a year-to-date basis, industry data showed overall RWRP and private sector RWRP grew around 15-16%. Axis Max Life recorded 17% growth, followed by SBI Life and ICICI Prudential Life, which expanded in the 13-15% range. Canara HSBC Life grew 18%, while HDFC Life reported 8% year-to-date growth.
The June data indicates that life insurers continued to see healthy business growth across new business and premium collections, although growth rates varied across companies and premium segments.
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