Page 19 - Insurance Times August 2023

of individual APE, LIC saw an 11% drop
Insurance firms in new push to hire, retain employees
y-o-y. In contrast, private life insurance
Insurance firms are increasing their workforce by more than 200% and are
companies have delivered a growth of
coming up with three-month notice periods, higher incentive programmes,
12% y-o-y. Analysts expect the monthly
and referral policies where employees can earn a part of the incentives that
trends to improve further for the
their referred candidates earn-to attract and retain employees -- according
overall life insurance sector.
to senior executives at two major private life insurance companies.
Among key listed private insurance
"We grew from 7,000 employees about five years ago to 23,000 now. We
companies, HDFC Life Insurance Co.
are recruiting from competition and the BFSI sector," Tarun Chugh, managing
Ltd, ICICI Prudential Life Insurance Co.
director and chief executive officer of Bajaj Allianz Life Insurance, said. The
Ltd and Max Financial Services Ltd
company aims to hire a net 3,000 employees this fiscal and raise campus
have registered strong growth in the
recruits to 1,500 this year from 900 last year.
individual APE segment in the range of
ICICI Prudential Life Insurance with 17,800 employees said it is adding 12.3% to 17.6%. "Private life insurance
manpower depending on new growth engines, customer segments and
companies' retail (individual) APE
market trends. "In the last three years, we have added around 3,500
performance was good for the month
employees to the company- 75% of the addition has been in sales frontline
of June driven likely by their respective
sourcing roles with around 45% being freshers," Subhashish Banerji, executive
product mix and distribution channel
vice president, Human Resources, ICICI Prudential Life Insurance, said.
mix, especially from their bank channel
Over the last few years, attrition in the sector has led to high intake of partnerships," Avinash Singh, analyst,
employees and reliance on recruitment agents, sector experts said. Emkay Global Financial Services, said.
SBI Life Insurance Co. Ltd saw a
relatively slower growth of 5.2% y-o-y
Praveen Kutty, Head Retail Banking, 4.37 per cent to Rs 10,439.18 crore
for June.
DCB Bank, said, "DCB Bank's tie-up from Rs 10,916.67 crore.
with Max Life will pave the way for
The standout performance for LIC in 'Life Insurers' premium
adaptable, and varied life insurance
June was in the group yearly
products for our customers. Through growth may be muted
renewable premium category, which
this partnership, we aim to empower Life insurers are likely to report
grew by 40.92 per cent from Rs 32.38
our customers by providing them with subdued premium growth for the first
crore to Rs 45.63 crore. For the April-
innovative and flexible life insurance quarter of the current fiscal year
June quarter, LIC's group yearly
products that cater to their needs." following strong top-line growth in the
renewable premium grew by 7.96 per
fourth quarter of FY23.
cent to Rs 96.20 crore.
LIC's June new business Post the implementation of budgetary
changes that came into effect on April
premium grows 21% Life insurance sector needs
1, high-value non-unit linked savings
LIC's new business premium (NBP) in to maintain growth products are likely to see a dip.
June increased 21 per cent to Rs
momentum The general insurance sector, on the
24,970.82 crore while the private
Life insurance companies put up a other hand, is expected to report
sector life insurers registered growth
decent show in the month of June. As robust premium growth as well as
of 13 per cent to Rs 11,990.94 crore.
per the monthly data from Life enhanced claim and operational
For the April-March period, LIC's new expenditure ratios in the first quarter.
Insurance Council, the overall
business premium growth fell
annualized premium equivalent (APE), In the first quarter of FY24, HDFC Life,
marginally to Rs 73,005 crore. Private
a key metric of growth for insurance SBI Life, and Max Financial Services
players reported growth of 10.58 per
companies, grew by 9% year-on-year are projected to achieve year-on-year
cent to Rs 28,168 crore.
(y-o-y) in June. Within this, the annual premium equivalent (APE)
In the individual premium segment, LIC individual APE has risen by 3.2% y-o-y. growth of 15%, 8%, and 8%,
saw an increase of 0.14 per cent in Further, June saw diverging trends respectively, while ICICI Prudential Life
June to Rs 4,294.62 crore. For the first between Life Insurance Corp. of India is likely to experience a 9% decline in
quarter, individual premium dropped (LIC) and private companies. In terms APE on year.
The Insurance Times August 2023 15