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CareEdge Research Report
The life insurance industry reported slower sequential Annual Premium Equivalent growth of 10.5% YoY in August 2024 as compared to 16.3% in July 2024 on a low base as previous months had been weak for most life insurance companies as demand had been frontloaded to March 2023.
Meanwhile, individual non-single policies were flat in August 2024.
LIC reported 12.8% APE growth in August 2024 (driven by group premiums), in contrast to the 11.0% decline recorded in August 2023.
The two-year (August 22 – August 24) CAGR was 6.4% for the industry, private players stood at 11.0%, while LIC witnessed a marginal growth of 0.2%.
Low base effect, increased insurance coverage, increase in ticket sizes and increase in single premium drove the growth in life insurance premiums in the first five months of FY25.
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