MAX Life surpasses HDFC Life as the fastest growing Life Insurer among peers
FinTech BizNews Service
Mumbai, November 9, 2023: According to the latest Insurance report from Emkay Global Financial Services, the private life insurance industry clocked a robust 19.8% YoY Retail APE growth in Oct-23, on a favorable base of Oct-22 (up almost 3% YoY, owing to Diwali holidays). Owing to the stronger base of Nov-22 and Diwali festivities this year coming in November, Emkay Global Financial Services expects some slowdown in growth during Nov-23.
With private players continuing to log robust growth momentum, the life insurance industry is expected to deliver a high single-digit retail APE growth in FY24; estimated APE growth for private sector: ~12-13%, LIC: low single-digit. This is owing to growth slackening in Mar-24 on account of preponed buying of high-ticket non-linked policies in Mar-23.
Based on 12-month rolling RWRP YoY growth, MAX Life surpasses HDFC Life as the fastest growing Life Insurer among peers. Among Listed Private Life Insurers, MAXF reported a strong 37.6% YoY Retail APE growth during Oct-23, while HDFC Life and SBI Life reported a decent show—16.5% YoY and 16.4% YoY Retail APE growth, respectively.
Max Life reported strong 53.5% growth in the Number of Policies sold during Oct-23 driven by new product launches.
With stock price increase of 28%, MAX Financial also emerged as the top performer over the past year amongst its listed insurance peers.
