The Indian life insurance industry is likely to report 12-15% growth in the financial year 2016-17, according to an ICRA paper.
ICRA has analyzed the performance of nine life insurance companies in India, one in the public sector and eight in the private sector.
The companies analysed are: LIC, ICICI Prudential Life Insurance, Bajaj Allianz Life Insurance, SBI Life Insurance, Birla Sunlife Insurance, Max Life Insurance, Reliance Life Insurance, Kotak Mahindra Old Mutual Life Insurance and HDFC Standard Life Insurance.
Together, they represent more than 87% of the total annualised premium equivalent (APE) of the life insurance industry during the first 9 months of FY16 (April-December).
During the period, the industry APE grew by 6% y-o-y as against a contraction of 9% y-o-y in FY15.
The industry APE stood at Rs. 37,300 crore versus INR 35,000 crore in the first nine months of FY15.
LIC’s regular premium segment contracted 4% y-o-y during the reported period, while that of the private companies analysed grew by 12% y-o-y during this period.