he life insurance industry continued its positive growth in the month of February as private life insurers saw individual annual premium equivalent (APE) grow at 11.4% year-on-year in February. Market leader, state-owned Life Insurance Corporation of India (LIC), saw its individual APE grow at a slower 9.3% year-on-year to Rs 2,343.2 crore in February than its private peers, showed data compiled by brokerage Edelweiss. Even if we look at the data of the current financial year upto February 2018, LIC has registered lower individual APE at 15.4% as compared to private players, at 28%. Senior officials in the insurance industry say that, compared to the previous months there has been a slowdown across segments in February. “While overall growth momentum seems to be moderating (partially due to base effect), we maintain proclivity towards financial savings will persist and industry will regain growth momentum,” said the Edelweiss Report. It added that, higher ticket size was probably the key growth driver for private sector, implying a tilt towards unit linked insurance plans (ULIPs).
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