January Life Insurance Data: Axis Max Life leads with 24% growth in new business premium

Life insurance data for January shows a clear shift in momentum among major players. After months of back-and-forth performance, Axis Max Life has once again emerged as the strongest performer, while SBI Life has taken a breather after several strong months.

Axis Max Life delivered the best numbers among all life insurers despite a strong base. Its New Business Premium grew 24% during the month and total Annualised Premium Equivalent (APE) rose about 28%, while retail APE increased nearly 29%, reflecting broad-based growth across individual policies.

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Canara HSBC Life Insurance also reported healthy performance. Its New Business Premium rose 20%, while both total APE and retail APE grew by around 12%, indicating steady expansion.

HDFC Life, on the other hand, reported a softer month. New Business Premium declined by about 3%, total APE fell nearly 6%, and retail APE contracted by around 7%, showing pressure on growth.

ICICI Prudential Life

posted moderate improvement in January. New Business Premium increased 12%, total APE rose 11%, and retail APE grew around 9%, placing it among the stable performers.

SBI Life slowed after delivering strong numbers in the previous months. In January, New Business Premium growth moderated to about 8%, while both total APE and retail APE grew by roughly 3%.

Overall, January data highlights shifting leadership in the life insurance space, with Axis Max Life taking the lead, while other insurers reported mixed trends.

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