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Total and individual private life insurers’ annual premium equivalent grew 30/26% YoY in Q1 FY22 led by Bajaj Allianz, HDFC Life Insurance Company Ltd., Max Life, ICICI Prudential Life Insurance Company Ltd., and SBI Life Insurance Company Ltd.
Tata AIA’s total APE was up 5.4% YoY while Life Insurance Corporation witnessed a decline of 28.5% in Q1 FY22.
While there was a low base effect due to Covid 1.0 in Q1 FY21, Q1 FY22 too witnessed less than fully normal operations due to the second wave.
In the short term, the increase in mortality and morbidity rates induced by the pandemic is an area of concern (189,000 reported Covid-19 deaths till date in FY22 versus 162,000 in FY21).
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