INSURANCE
Life Insurance Industry reports 20% growth in APE in first half this fiscal
Oct-20-2016

Life insurance industry reported 20% growth in overall annual premium equivalent (APE) in the first half of the financial year ended on September 30, with the help of both private players and Life Insurance Corporation.

Insurers like Bajaj Life, Exide Life, India First Life and Tata AIA reported a spike in numbers due to increase in the share of unit linked insurance plans. Bajaj Life reported 83% growth in individual APE following a good show in the past three months. The company has restructured its agency channel, focused more on ULIPs, which has driven this improvement on a low base for the company. Its ticket size is up 51% year on year to about Rs 36,000. India First reported 79% growth in the first half in individual APE driven by both volumes and ticket size. Its average ticket size in individual non-single segment is up 38%. Private sector gained market share in group business while single business remains strong for LIC. LIC continued to have 83% share of single premium of total premium. Meanwhile, Reliance Life continued to go slow where individual APE was down 33% in April-September due to the shift to traditional policies from unit linked business.

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