Individual annualised premium equivalent (APE) growth was strong at 23% year-on-year (y-o-y) in February 2020; higher than -7% to +14% y-o-y change over June 2020-January 2021. Pick-up in unit-linked insurance plans (Ulips) and strong demand for non-par savings are likely drivers. SBI Life reported stellar 53% y-o-y growth in individual life followed by Max Life at 32% y-o-y. ICICI Prudential Life was up 6% y-o-y; decline has likely been arrested due to a change in base (down 15% y-o-y in February 2020). HDFC Life was strong at 16% y-o-y (despite high base).
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