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In August 2022, the life insurance industry witnessed a mixed performance in new business premium/annual premium equivalent growth with NBP/APE growing at 18.1/14.3% YoY but degrowing at 15.9/1.6% month-on-month.
NBP/APE de-growth on an month-on-month basis was largely on account of Life Insurance Corporation of India’s performance month-on-month.
The private players’ APE growth in Aug-22 at 0% YoY was quite lacklusture, though NBP growth on a YoY basis was reasonably strong at 15.2%.
For year-to-date FY23, NBP/APE grew by 44/33% YoY. The YTD growth on a YoY basis appears to be significant owing to the impact of the Covid 2.0 induced partial lockdowns and restrictions across geographies, which impacted growth for most of YTDFY22.
However, given the expected strong demand for protection, annuity and non-par products, we expect the growth momentum to continue going forward.
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