Individual Annualised Premium Equivalent (APE) declined 3% year-on-year (y-o-y) in September as compared to 11-27% y-o-y growth in April-August 2019. Overall APE was up 3% y-o-y on the back of stronger group business. ICICI Prudential Life’s APE declined for the third month, albeit at a lower pace. Even the high-growing HDFC Life declined after five months of consistent high growth. SBI Life and Max Life continued to moderate for the second consecutive month. Net inflows to equity mutual funds dropped sharply month on month (m-o-m) as well.
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