Insurance Sector Update - 9% APE growth for private insurers in Jan’22 By ICICI Securities
9% APE growth for private insurers in Jan’22
Private life insurers reported 9% / 7% YoY growth in total / individual APE in Jan’22. YTD, both the parameters are up 27% YoY. Also, the number of policies issued by private insurers YTD has increased by 27% YoY.
* Performance in Jan’22: In terms of total APE, big YoY jump was reported by Bajaj Allianz (34%) and Tata AIA (38%) followed by Birla Sun Life (17%). Key insurers – HDFC Life (5%), SBI Life (7%) and IPRU Life (8%) – registered single-digit growth in total APE, while Max Life saw a sharp decline of 23% YoY. On the individual APE front too, similar trend was seen for key insurers. BALIC (36%) and Tata AIA (43%) reported strong surge, while SBI Life (8%) and HDFC Life (2%) witnessed single-digit growth. IPRU Life / Max Life’s individual APEs declined 7% / 23% YoY in Jan’22.
* SBI Life, BALIC and Tata AIA lead the pack in FY22-TD: SBI Life and Tata AIA reported >30% growth in individual/total APE, while BALIC witnessed >50% growth in individual/total APE in 10MFY22-TD.
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