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The change in tax regulations bringing high value policies with premiums exceeding Rs 5 lakh under the income tax net was expected to impact the life insurance industry badly. Two months into the new financial year, data suggests there was a reasonable pickup in May 2023, after a flat April 2023.
Private life insurers reported 10 per cent year-on-year (YoY) Annual Premium Equivalent (APE) growth in May, following April which didn’t have healthy numbers.
Month-on-month (MoM), May grew by 42 per cent over April. The YoY calculations were on a high base since May’22 showed a high 101 per cent growth over May’21. The 4-year compound annual growth rate (CAGR) was moderate for May 2023 -- at 11 per cent
