ICICI Prudential Life Insurance posted a lukewarm performance in May, with total Annualized Premium Equivalent (APE) rising by just 1% year-on-year. The marginal uptick came despite a strong base in the same month last year, pointing to a possible slowdown in new business growth momentum.
The company’s premium collections for May rose 7% year-on-year, indicating some traction in individual and group segments, though not translating into significant APE growth. The flat APE data suggests that either new policy volumes or high-ticket policy sales did not accelerate meaningfully during the month.
ICICI Prudential Life has been facing pressure amid an evolving insurance landscape post-budget changes and an industry-wide shift in long-term savings behavior. The company is also navigating changes in distribution strategies and a more cautious customer outlook on large-ticket insurance products.
As of now, management commentary and strategy shifts will be key to watch, especially if this growth trend continues into the upcoming quarter.
