Axis Max marks fifth month of strong growth in August; SBI Life sees third weak month

August saw mixed performance across India’s life insurance sector, with Axis Max Life emerging as the fastest-growing insurer and SBI Life recording the weakest growth.

Axis Max Life continued its robust momentum, marking the fifth consecutive month of strong double-digit growth. In August, the company reported a 20% rise in new business premium, a 17% increase in total APE (Annual Premium Equivalent), and a 16% growth in retail APE.

Analysts noted that this growth came on top of an already strong base.

SBI Life, in contrast, recorded its third straight month of subdued growth. New business premium rose 23%, while total APE edged up just 1%, and retail APE declined 4%.

The insurer has now seen limited momentum over the past quarter.

Other insurers posted varied results:

HDFC Life recorded 10% growth in new business premium and a 3% rise in total APE, while retail APE remained flat.

ICICI Prudential Life reported 18% growth in new business premium, a 35% increase in total APE, but retail APE declined 13%.

LIC saw weaker performance, with new business premium down 17%, total APE nearly flat at -0.2%, and retail APE down 5%.

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