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Axis Max Life Leads as SBI Life Slows Down
9 Feb
Summary
- Axis Max Life saw strong growth in New Business Premium.
- SBI Life's growth moderated in January after previous strength.
- HDFC Life experienced a contraction in key performance metrics.
Life insurance performance in January showed a notable change in momentum among major players. Axis Max Life demonstrated the strongest results, achieving a 24% increase in New Business Premium and a nearly 29% rise in retail APE. This indicates robust, broad-based growth across individual policies. SBI Life, after several strong months, saw its performance moderate. In January, its New Business Premium grew by about 8%, with total and retail APE increasing by approximately 3% each.
Canara HSBC Life Insurance reported healthy expansion, with a 20% rise in New Business Premium and around 12% growth in both total and retail APE. ICICI Prudential Life also posted moderate improvements, with New Business Premium up 12% and total APE growing 11%. Conversely, HDFC Life faced challenges, reporting a decline of about 3% in New Business Premium and a contraction of around 7% in retail APE. Overall, January's data highlights Axis Max Life's leadership and mixed trends for other insurers.
