Robust growth ahead for pvt insurers; HDFC Life may see stronger momentum

HDFC Life may see stronger momentum as merger synergies kick in

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