The Union Budget announcement on taxation on long-term savings life insurance policies would have only meant one thing- strong demand for these life insurance policies before the new financial year starts.
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The March business data for life insurance companies was a clear reflection of the year-end rush for these life insurance policies. The private life insurance industry was an absolute winner.
The premium in the month of March for the private life insurance industry grew at a healthy pace of 35 percent on a year-on-year basis and 20 percent for FY23.
The retail annualised premium equivalent (APE) for the private life insurance industry also saw a growth of 56 percent in the month of March on a year-on-year basis.
HDFC Life Insurance
HDFC Life Insurance was the strongest stakeholder in the month of March. The premium for HDFC Life Insurance in the month of March grew by 83 percent, FY23 premium for the insurer grew by 16 percent. HDFC Life Insurance also saw a very strong retail APE growth of 118 percent in March on a year-on-year basis.
Max Life Insurance
The next best performer was Max Life Insurance which saw premium growth of 43 percent in the month of March and 13 percent in FY23. Retail APE for Max Life Insurance grew at 60 percent in March on a year-on-year basis.
ICICI Prudential Life Insurance
The March premium for ICICI Prudential Life Insurance grew by 31 percent on a year-on-year basis. FY23 premium for ICICI Prudential Life Insurance grew by 13 percent and retail APE for the insurer also saw a growth of 59 percent in March on a year-on-year basis.
SBI Life Insurance
For SBI Life Insurance, the March premium grew by 23 percent on a year-on-year basis, FY23 premium grew by 16 percent. Retail APE for SBI Life Insurance in the month of March saw a growth of 12 percent on a year-on-year basis.
LIC
The largest life insurer, LIC presented a disappointing set of numbers. The March premium for LIC saw a compression of 32 percent, FY23 premium for LIC could only grow by 17 percent. Retail APE for LIC in March also saw a growth of just 10 percent.
Weak numbers from LIC in March also dragged the industry numbers lower. in the month of March, the life insurance industry premium grew fell by 13 percent, despite the strong show from private life insurance companies.
