As we move towards the close of year 2017, it would be worthwhile to pause and take a look back at the year gone by to assess the key developments that took place in the life insurance industry in India.
Business performance and IPOs
The demonetisation announced in November 2016 helped the life insurance industry as people preferred to channelize their cash into financial savings and insurance policies. The life insurance industry’s new business annualised premium equivalent (APE) grew by around 19% in FY2016-17 with APE from individual business growing by 21% for the same period. This growth momentum continues during FY2017-18, wherein the financial year-to-date APE from individual business grew by around 26% up to the end of November 2017 over the same period last year.
