Life insurance companies have posted strong growth in September.

The industry has grown at nearly 22 percent in the said month on a year-on-year (YoY) basis.

Private life insurance companies have witnessed a very strong growth of nearly 42 percent YoY. Public sector insurer Life Insurance Corporation of India (LIC) has posted an 11.50 percent growth.

The growth of private sector companies is even stronger when it is compared to the average of the first five months of FY22.

HDFC Life's September premium is up 37 percent, and when compared to the average of the first five months, it is up 82 percent. Retail annual premium equivalent (APE) for the insurer is up 20 percent.

For ICICI Prudential Life Insurance, September premium growth is 21 percent, and when compared to the average of the first five months of FY22 it has grown by 47 percent. The retail APE of the insurer has increased nearly 41 percent.

The September premium of Max Life Insurance has also increased 14 percent. However, if it is compared to the average of the first five months of FY22, growth is up 41 percent. The retail APE of the insurer has grown by about 7.50 percent.

SBI Life Insurance has also witnessed a 30.50 percent premium growth in September. When compared to the average of the first five months, the premium is grown by 97 percent, almost doubled. The retail APE has also increased by 56 percent in the month on a YoY comparison.

(Edited by : Bivekananda Biswas)

First Published:Oct 7, 2021 3:25 PM IST