Private life insurers experienced reasonable growth in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24), and the October data is also encouraging.
The individual weighted received premium (WRP) for private players grew by 19.8 per cent year-on-year (Y-o-Y) in October. However, Life Insurance Corporation (LIC) of India had slower growth, pulling the industry growth rate down to 13 per cent Y-o-Y. Over April-October, private insurance players grew by 13.6 per cent Y-o-Y.
Among listed players, HDFC Life (including the Exide Life merger) posted 16.5 per cent Y-o-Y growth in October. Max Life and ICICI Prudential Life posted strong Y-o-Y growth of 37.6 per cent and 21.1 per cent, respectively, whereas SBI Life clocked a 16.4 per cent growth