The latest industry figures reveal that the life insurance sector’s Retail Weighted Received Premium (RWRP) surged 16% year-on-year in June. LIC’s RWRP climbed by 21%, while private life insurers experienced a 13% increase in the same timeframe.
Among major private insurers, SBI Life reported an 18% year-on-year rise in both Annualised Premium Equivalent (APE) and Retail APE, with its New Business Premium (NBP) soaring by 22%.
Axis Max Life also exhibited widespread growth, with NBP and APE up by 21% each, and Retail APE increasing by 15% during the month.
ICICI Prudential Life reported a 25% increase in NBP, with APE growing by 24% and Retail APE rising 13% year-on-year.
Canara HSBC Life maintained strong momentum, reporting a 21% increase in NBP, a 20% rise in APE, and a 28% jump in Retail APE for June.
HDFC Life achieved the highest growth in New Business Premium among large private insurers at 32%, while APE rose 8%. Its Retail APE remained unchanged compared to the previous year.
Meanwhile, LIC recorded a 1% increase in New Business Premium, with APE growing by 26% and Retail APE by 21% year-on-year.
Year-to-date, industry data indicates that overall RWRP and private sector RWRP grew by approximately 15-16%. Axis Max Life saw a 17% increase, while SBI Life and ICICI Prudential Life expanded in the 13-15% range. Canara HSBC Life achieved an 18% rise, while HDFC Life reported 8% year-to-date growth.
The June statistics highlight that life insurers continued to experience healthy business growth in new policies and premium collections, although growth rates differed among companies and premium categories.
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