February Life Insurance Premium Performance
Data reveals a mixed performance in the life insurance sector for February. While the overall industry premiums decreased by 12% year-on-year, private insurers showed positive growth.
The 11-month FY25 premium saw an overall increase of 6% year-on-year. Private insurers, however, reported a 3% rise in February premiums, with their 11-month FY25 premium increasing by 11% year-on-year. Total Annualised Premium Equivalent (APE) grew by 8% year-on-year, while retail APE rose by 2%.
Company-Wise Performance
The following is a breakdown of how individual companies performed in February:
- HDFC Life Insurance: The February premium increased by 24% year-on-year, and the 11-month FY25 premium grew by 14% year-on-year. Total APE rose by 4% year-on-year, while retail APE inched up 1% year-on-year.
- ICICI Prudential Life Insurance: February premium increased by 5% year-on-year, and the 11-month FY25 premium rose by 26% year-on-year. Total APE grew by 13% year-on-year, while retail APE fell by 13% year-on-year.
- Axis Max Life Insurance: The February premium declined by 6% year-on-year; however, the 11-month FY25 premium increased by 13% year-on-year. Total APE rose by 8% year-on-year, while retail APE grew by 10% year-on-year.
- SBI Life Insurance: The February premium fell by 18% year-on-year, and the 11-month FY25 premium declined by 6% year-on-year. Total APE dropped by 6% year-on-year, while retail APE dipped by 1% year-on-year.
- Life Insurance Corporation of India (LIC): The February premium declined by 22% year-on-year, while the 11-month FY25 premium grew by 2% year-on-year. Total APE dropped by 23% year-on-year, and retail APE fell by 17% year-on-year.
