Life Insurance business data for the month of January is out and has been weak across the board. Industry premium is up 2.6 percent and private companies’ premium is up 9 percent year-on-year basis.

For HDFC Life the January premium is just up 9 percent on a year-on-year basis, it's down 2 percent when compared to an average of the first nine months of FY22. The retail APE is also up just 2 percent on a year-on-year basis.

For ICICI Prudential Life, the January premium is up 1.4 percent on a year-on-year basis. It's up 10 percent when compared to nine months average FY22. Also the retail APE is down 7 percent on a year-on-year basis.

Max Life has been weakest in particular, the January premium is down 17 percent on a year-on-year basis, it is down 10 percent when compared to an average of the first nine months of FY22. The retail APE is down 23 percent on a year-on-year basis.

For SBI Life the premium is up 4 percent on a year-on-year basis, it is down 7 percent as compared to the average of the first nine months of FY22, retail APE is up 8 percent.

Watch the accompanying video of CNBC-TV18’s Yash Jain for more details.

Also Read: January general insurance data back to pre-COVID levels; premium grows by 15% YoY