The life insurance industry maintained growth in May, with private players saw the annual premium equivalent (APE) increasing 38% year-on-year. Life Insurance Corporation of India (LIC)’s APE growth was lower than private players at 10% year-on-year at Rs 2,149.4 crore in May, according to data from Kotak Institutional Equities Research. Officials in the insurance industry say in the first two months of this fiscal, growth was more into both traditional as well as unit-lined products, particularly into non-single premiums. “Most large private players reported 20-30% growth in APE; high growth at ICICI Prudential Life (up 100% y-o-y) lifted private sector individual APE growth to 46%; excluding ICICI Prudential Life, the rest of the private sector reported 30% individual APE growth.
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