Life insurance companies experienced robust premium growth in May, with a favorable base effect continuing to drive premiums for certain companies. If the base effect is adjusted for, HDFC Life Insurance exhibited the strongest pace of premium growth in May.
HDFC Life Insurance's premium in May grew by 14%, building upon a strong base of 32% growth registered in May 2023.
HDFC Life Insurance's Annual Premium Equivalent (APE) in May 2024 grew by 18%, with its Retail APE increasing by 23%.
Following HDFC Life Insurance's strong performance was Max Life Insurance.
Max Life grew its premium by 16% in May 2023, and this year in May, the insurer managed to post a premium growth of 23%.
Max Life Insurance's APE in May 2024 registered a growth of 25%, while its Retail APE grew by 31%.
ICICI Prudential Life Insurance posted strong growth in May 2024, benefiting from a favorable base. Its premium in May 2024 grew by 33%, despite a contraction of 18% in May 2023.
ICICI Prudential Life Insurance registered a total APE growth of 38% and retail APE growth of 57% in May 2024.
SBI Life Insurance's premium in May 2024 contracted by 2% over a strong base growth of 58%.
However, SBI Life Insurance grew its total APE in May 2024 by 18%, and its retail APE by 25%.
Despite a weak base, LIC managed to register a premium growth of 19%.
The life insurance giant's premium had contracted by 11% in May 2023. LIC's total APE in May 2024 saw a growth of 55%, and its retail APE grew by 7%.
LIC loudly gaining its lost market share
In the last year (up to May 2024 compared to May 2023), LIC gained a market share of about 636 basis points (bps), encompassing both group and individual business.
LIC's market share at the end of May 2024 stood at 61.5%.
During the same period, SBI Life Insurance and HDFC Life Insurance lost the most market share. SBI Life experienced a market share loss of 186 bps while HDFC Life saw a loss of 159 bps.
Regarding individual business, LIC lost market share of 100 bps.
All listed private life insurance players gained marginal market share, except SBI Life Insurance, which was the only one to lose market share in the individual business from May 2023 to May 2024.
In the group business, LIC gained approximately 1,000 bps or 10% in market share. During the same period, HDFC Life Insurance lost market share to the tune of 266 bps, and SBI Life Insurance's market share loss stood at 232 bps.
HDFC Life Insurance's premium in May grew by 14%, building upon a strong base of 32% growth registered in May 2023.
HDFC Life Insurance's Annual Premium Equivalent (APE) in May 2024 grew by 18%, with its Retail APE increasing by 23%.
Following HDFC Life Insurance's strong performance was Max Life Insurance.
Max Life grew its premium by 16% in May 2023, and this year in May, the insurer managed to post a premium growth of 23%.
Max Life Insurance's APE in May 2024 registered a growth of 25%, while its Retail APE grew by 31%.
ICICI Prudential Life Insurance posted strong growth in May 2024, benefiting from a favorable base. Its premium in May 2024 grew by 33%, despite a contraction of 18% in May 2023.
ICICI Prudential Life Insurance registered a total APE growth of 38% and retail APE growth of 57% in May 2024.
SBI Life Insurance's premium in May 2024 contracted by 2% over a strong base growth of 58%.
However, SBI Life Insurance grew its total APE in May 2024 by 18%, and its retail APE by 25%.
Despite a weak base, LIC managed to register a premium growth of 19%.
The life insurance giant's premium had contracted by 11% in May 2023. LIC's total APE in May 2024 saw a growth of 55%, and its retail APE grew by 7%.
LIC loudly gaining its lost market share
In the last year (up to May 2024 compared to May 2023), LIC gained a market share of about 636 basis points (bps), encompassing both group and individual business.
LIC's market share at the end of May 2024 stood at 61.5%.
During the same period, SBI Life Insurance and HDFC Life Insurance lost the most market share. SBI Life experienced a market share loss of 186 bps while HDFC Life saw a loss of 159 bps.
Regarding individual business, LIC lost market share of 100 bps.
All listed private life insurance players gained marginal market share, except SBI Life Insurance, which was the only one to lose market share in the individual business from May 2023 to May 2024.
In the group business, LIC gained approximately 1,000 bps or 10% in market share. During the same period, HDFC Life Insurance lost market share to the tune of 266 bps, and SBI Life Insurance's market share loss stood at 232 bps.
First Published: Jun 11, 2024 4:33 PM IST
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