Monday, Jul 13, 2020 | Last Update : 10:49 AM IST

111th Day Of Lockdown

Maharashtra25442714032510289 Tamil Nadu138470895321966 Delhi112494899683371 Gujarat41906291982046 Karnataka3884215411686 Uttar Pradesh3647623334934 Telangana3467122482356 West Bengal3001318581938 Andhra Pradesh2916815412328 Rajasthan2334417634499 Haryana2038114912297 Madhya Pradesh1720112679644 Assam15537984936 Bihar1503910991118 Odisha11956797273 Jammu and Kashmir92615567149 Kerala7874409532 Punjab71404945183 Chhatisgarh3526283514 Uttarakhand3305267246 Jharkhand3192217022 Goa203912078 Tripura177313241 Manipur14357930 Puducherry120061916 Himachal Pradesh110182510 Nagaland6733030 Chandigarh5234037 Arunachal Pradesh2871092 Mizoram2031430 Sikkim134710 Meghalaya113451
  Business   In Other News  15 Jan 2020  LIC’s new biz rises 18 per cent

LIC’s new biz rises 18 per cent

THE ASIAN AGE. | FALAKNAAZ SYED
Published : Jan 15, 2020, 1:20 am IST
Updated : Jan 15, 2020, 1:20 am IST

Private life insurers clock a growth of 16 per cent to Rs 24,631 crore during April-December.

Life insurance companies clocked 17 per cent retail annualised premium equivalent (APE) during April-December to Rs 43,943 crore.
 Life insurance companies clocked 17 per cent retail annualised premium equivalent (APE) during April-December to Rs 43,943 crore.

Mumbai: Life insurance companies clocked 17 per cent retail annualised premium equivalent (APE) during April-December to Rs 43,943 crore.

APE is a measure used for comparison of life insurance revenue by normalising policy premiums into the equivalent of regular annual payments.

What helped the companies are the December deadline for closing high return-oriented old products and the target set for ‘million dollar round table’ agents accordingly.

Life Insurance Corpor-ation of India’s (LIC) individual new business grew by 17.9 per cent year-on- year during the nine months of this fiscal to Rs 19,311.5 crore. Analysts expect better growth in the current quarter, which itself contributes 35 per cent to annual volumes.

Private life insurers clock-ed a growth of 16 per cent to Rs 24,631 crore during the same period.

APE of private players grew 18.5 per cent YoY, driven by strong numbers reported by Kotak Life, HDFC Life, Max Life and SBI Life. Retail APE of private players rose 17.2 per cent. The industry’s retail APE increased 15.6 per cent, driven by LIC’s strong performance (+12.8 per cent YoY.)

HDFC Life reported overall APE growth of 35.3 per cent YoY in December 2019 to Rs 770 crore on a lower base. The retail APE was at Rs 680 crore, up by 46.2 per cent YoY.

Top player ICICI Prudential Life reported APE growth of 11.4 per cent YoY to Rs 830 crore on a received premium basis. APE on an accrued basis for Q3 came in at Rs 2,040 crore, up 3.9 per cent YoY. Policies sold fell 7.5 per cent YoY while the retail APE ticket size increased by 16.3 per cent YoY.

Tags: life insurance, annualised premium equivalent