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Insurance
APEs flat in March
- During March 2012, the annual premium equivalent (APE) of the life insurance industry remained flat on a year-on-year (Y-o-Y) basis but grew by 118.5% month on month (MoM) as volumes are generally higher towards the end of the fiscal. The Life Insurance Corporation of India (LIC) reported a robust growth of 15.1% year on year (YoY) while the same was offset by the private players whose APEs declined by 15.5% YoY. For full year FY2012, the APE of the industry declined by 3.4% due to a decline of 19% by private players while LIC registered a growth of 7.6%.
- For FY2012, the market share of the private players grew to 34.3% levels while that of LIC declined to 65.7%. Among the private players, SBI Life Insurance Company (SBI Life)'s market share decreased to 11.4% from 13.3% in March 2011 while that of Reliance Life Insurance Company (Reliance Life) declined to 6.4% from 8.3% in March 2011. The share of Max New York Life Insurance (MNYL) grew to 6.9% as against 6.3% in March 2011.
- In terms of APE growth for March 2012, 9 out of 18 private players posted a decline Y-o-Y with Tata AIG showed the highest contraction of 57%. Bajaj Allianz showed a growth of 32.4% YoY followed by MNYL which showing a growth of 30.4% YoY. For FY2012 the life insurance industry reported a decline of 3.4% in its APE as the new unit-linked insurance policy (ULIP) guidelines set in and insurers awaited the clearance from the Insurance Regulatory and Development Authority (IRDA) for launching new products.
APE remains flat Y-o-Y but expands 119% MoM
The APE for the life insurance sector has started recording growth on a Y-o-Y basis from September 2011 onwards as the effect of the previous year's high base wore off. However during March 2012 the APE of the industry remained flat annually but grew by 118.5% MoM as there is lumpiness towards the end of a fiscal. LIC reported a growth of 15.1% YoY whereas the private players witnessed an APE contraction of 15.5% YoY. On a month-on-month (M-o-M) basis, the APE of the private players increased by 127.2% compared with a 113.3% growth recorded by LIC.
The APE for the life insurance sector has started recording growth on a Y-o-Y basis from September 2011 onwards as the effect of the previous year's high base wore off. However during March 2012 the APE of the industry remained flat annually but grew by 118.5% MoM as there is lumpiness towards the end of a fiscal. LIC reported a growth of 15.1% YoY whereas the private players witnessed an APE contraction of 15.5% YoY. On a month-on-month (M-o-M) basis, the APE of the private players increased by 127.2% compared with a 113.3% growth recorded by LIC.
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