In the life insurance segment, SBI Life Insurance led the industry with its second consecutive month of strong growth, as individual retail premiums rose 19% year-on-year (YoY) after a 15% increase in September.
SBI Life’s first-year premiums (NBP) increased 20%, total annualised premium equivalent (APE) rose 19%, and retail APE was up 19% YoY.
Max Financial emerged as the second-best performer in the segment, while Axis Max Life saw NBP grow 15%, total APE rise 17%, and retail APE increase 16% YoY. HDFC Life posted more modest growth, with NBP up 1%, total APE up 7%, and retail APE up 9% YoY.
ICICI Prudential Life recorded NBP growth of 7%, total APE up 9%, and retail APE up 3% YoY, whereas LIC posted NBP growth of 13%, total APE up 30%, and retail APE up 28% YoY.
In the general and health insurance sector, growth was comparatively slower, although select firms recorded notable increases.
ICICI Lombard’s premiums rose 16% YoY, Go Digit reported general insurance premiums up 21% YoY, New India Assurance recorded an 18% increase, and Star Health’s premiums grew 23% YoY.
Health insurer Niva Bupa posted the highest growth, with premiums up 77% YoY.