‘Life Insurers’ premium growth may be muted

In the first quarter of FY24, HDFC Life, SBI Life, and Max Financial Services are projected to achieve year-on-year annual premium equivalent (APE) growth of 15%, 8%, and 8%, respectively, while ICICI Prudential Life is likely to experience a 9% decline in APE on year. According to Motilal Oswal, value of new business (VNB) growth is estimated at approximately 8% on-year for SBI Life, 28% for HDFC Life, and 17% for Max Financial Services, while ICICI Prudential Life’s VNB is expected to decline by 5% on year in the first quarter.

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