Total private life insurer APE has grown by 26.7% in FY22TD led by Bajaj Allianz, HDFC Life, Max Life, IPRU Life and SBI Life. Tata AIA and LIC total APE declined by 2.4% and 28.5% respectively. SBI Life has been the leaders in Individual APE with FY22TD APE growth of 64%. While the growth percentage depend on the base, it can be concluded that private life insurers are significantly better placed to tackle the Covid 2.0 impact.
In the short-term, the increase in mortality and morbidity rates induced by the pandemic is an area of concern (189k reported Covid deaths till date in FY22 compared to 162k in FY21). However, we have past the peak of second Covid wave and the companies have made extra Covid related provisions.
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