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The private life insurance players continued to outperform the industry growth in November 2021 with new business premium/annual premium equivalent growth of 59/31% YoY and 38/13% month-on-month.
The strong business growth momentum amongst the listed private players continued with SBI Life Insurance Company Ltd. leading the pack, closely followed by ICICI Prudential Life Insurance Company Ltd., HDFC Life Insurance Company Ltd. and Max Life.
Overall, the life insurance industry regained its growth momentum, aided by robust performance by Life Insurance Corporation of India in Nov-21.
While in H1 FY22, the life insurance players picked up momentum post an initial hiccup due to Covid 2.0 headwinds, the industry is likely to witness strong growth in H2 FY22. This will be driven by a revival in unit linked insurance plans, improvement in non-par pension, and annuity products.
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