InvestorQ : How has been the premium growth for LIC, SBI Life, HDFC Life and ICICI Pru Life for the month of February 2021?
Angel dcosta made post

How has been the premium growth for LIC, SBI Life, HDFC Life and ICICI Pru Life for the month of February 2021?

Answer
image
Juvina Maggie answered.
5 months ago
Follow

The month of January 2021 was a relatively tepid and dull month for life insurers in India. At least, that was the story in terms of growth in fresh premiums. However, February was different in the sense that it saw a robust 21% growth with a majority of the 24 life insurers doing extremely well in terms of new business premiums or NBP, which is one of the most important measures of the health of a life insurer.

For Feb-21, the new business premium or NBP for the overall life insurance segment in India came in at Rs.22,425 crore, a 21% yoy growth compared to Rs.18,533 crore in the month of Feb-20. The leader of the pack, Life Insurance Corporation, recorded 24% growth in NBP to Rs.12,921 crore in Feb-21. It still accounts for 58% of all the NBP in any average month and so the overall growth tends to gravitate close to the LIC growth figure.

This is actually contrary to the trend that was visible in the previous months when the NBP of LIC had actually shrunk on a yoy basis. Private insurers saw their NBP grow 16% overall to Rs.9505 crore. The surge in NBP was driven by SBI Life which saw NBP growing at 60% supported by HDFC Life at 20% and Max Life at 30%. However, one of the original private insurers in India, ICICI Pru Life, saw de-growth in NBP of 19%.

1 Views