October insurance data: Life and general insurers report mixed growth

Life and general insurance companies reported mixed growth in October, with some firms showing strong performance while overall industry expansion remained moderate. October was the first full month following GST exemptions on insurance premiums, which provided some stimulus to the sector.

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.