Private players continued to show strong momentum in the life insurance individual new business segment during August, 2023. On an aggregate, the industry registered 14 per cent growth year-on-year (Y-o-Y) compared to 15 per cent in July ‘23. Private players were up 21 per cent Y-o-Y, up from 16 per cent Y-o-Y in July ‘23, while public insurers’ growth was muted at 3 per cent. Inside the private sector, bank-related players outperformed hitting 24 per cent growth, while agency growth was lower at 10 per cent.
So far during the ongoing financial year (2023-24 or FY24), individual annual premium equivalent or APE growth was 8 per cent for the industry and 13 per cent for private players.
ICICI Prudential Life