Indian life insurance sector on revival path
Source: Asia Insurance Review | Jan 2021
The Indian life insurance segment has reported a 14% y-o-y growth in individual APE in October 2020 compared to 4% y-o-y in September 2020 and 6-40% y-o-y decline over April -August 2020.
A report by Kotak institutional equities research has revealed that a gradual revival in Unit Linked Insurance Plans (ULIPs), increase in sales through agency channel and strong traction in non-par savings segments are the likely drivers of growth for the life insurance industry. Private players HDFC Life, Max Life, Tata AIA and Aditya Birla Sun Life remained strong with individual APE up 45%, 49%, 37% and 21% y-o-y respectively. SBI Life bounced back to 14% y-o-y; Bajaj Life was muted at 3% y-o-y while ICICI Prudential Life remained weak, down 22% y-o-y due to lower presence in non-par and weakness in ULIPs.
The Indian life insurance segment has reported a 14% y-o-y growth in individual APE in October 2020 compared to 4% y-o-y in September 2020 and 6-40% y-o-y decline over April -August 2020.
A report by Kotak institutional equities research has revealed that a gradual revival in Unit Linked Insurance Plans (ULIPs), increase in sales through agency channel and strong traction in non-par savings segments are the likely drivers of growth for the life insurance industry. Private players HDFC Life, Max Life, Tata AIA and Aditya Birla Sun Life remained strong with individual APE up 45%, 49%, 37% and 21% y-o-y respectively. SBI Life bounced back to 14% y-o-y; Bajaj Life was muted at 3% y-o-y while ICICI Prudential Life remained weak, down 22% y-o-y due to lower presence in non-par and weakness in ULIPs. A