Driven by the government-owned Life Insurance Corporation of India, the life insurance industry in India logged decent performance in October 2022, said Axis Securities in a report.

The life insurance sector registered new business premium (NBP) and annualised premium equivalent (APE) growth of 15.3 per cent and 10.3 per cent year-on-year (YoY), respectively, while the month on month (MoM) got moderated, it said.

According to Axis Securities, the performance of private life insurers last month was lacklustre with NBP growing 7.9 per cent and APE declining by 4.3 per cent YoY.

On MoM basis also, private players' reported a poor set of performance with NBP and APE declining by 16.5 per cent and 19.6 per cent, respectively.

Axis Securities said while the life insurance industry regained growth traction post-entering FY23, growth still appears optically higher for YTDFY23 given the lower base in Apr-May'21 (which was impacted by Covid 2.0-induced lockdowns).

However, given the expected strong demand for protection, annuity and non-PAR products, Axis Securities expects the growth momentum to continue moving forward.