LIC has reported an increase by 17% 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.
According to the sources, the deadline in December for closing high return-oriented old products and the target set for ‘million dollar round table’ agents enabled the company most in achieving the growth.
LIC individual new business grew by 17.9% year-on- year during the nine months of this fiscal to Rs 19,311.5 crore, while private life insurers register a growth of 16% to Rs 24,631 crore during the same period.
APE of private players grew 18.5% YoY, driven by strong numbers reported by Kotak Life, HDFC Life, Max Life and SBI Life. Retail APE of private players grew by 17.2%. The industry’s retail APE increased 15.6%, driven by LIC’s strong performance (+12.8% YoY.)
