 "Life insurance")
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
