Total life insurance industry premium falls 17% in February

In February, there was a 17% YoY decrease in total life insurance premiums, according to provisional data. However, private life insurance premiums increased by 10%, while retail annual premium equivalent (APE) rose by 18% YoY. In individual companies, LIC’s premium decreased by 32%, and LIC’s retail APE decreased by 3% YoY in February.

HDFC Life and Exide Life Insurance premiums increased by 9% YoY in February, but premiums up to February were 7% YoY higher. The retail APE rose by 38% YoY in February.

ICICI Prudential Life Insurance‘s premium decreased by 1% in February, but premiums up to February were 9% YoY higher. The retail APE rose by 7% YoY in February.

Max Life Insurance‘s premium increased by 4% in February, and premiums up to February were 7% YoY higher. The retail APE increased by 6%.

SBI Life Insurance‘s premium increased by 7% in February, premiums up to February were 15% YoY higher, and retail APE decreased by 0.2%.

The general insurance trend in February presented a mixed picture, with an overall 20% YoY increase in premiums but a 22% sequential decrease. Health insurance premiums grew by 27% YoY but decreased by 9% MoM. The shorter number of days in February may have contributed to the lower premium MoM.

Despite a 5% YoY and 36% MoM decrease in premiums, ICICI Lombard’s market share increased by 10 bps. Star Health’s market share decreased by 17 bps, with premiums rising by 16% YoY and decreasing by 1% sequentially.