Page 83 - Life Insurance Today July - December 2020

has impacted the economy and the less employee hiring and onboarding y in September 2020 and 6-40% y-o-y
business sentiment in the short-term. experience in a predominantly remote decline over April-August 2020.
Despite the challenging macro-envi- work set-up, the insurer said in a state- Gradual revival in unit-linked insurance
ronment affecting the new business ment. With the addition, the total plans (ULIPs), increase in sales through
adversely, we registered steady perfor- workforce strength rose to about agency channels and strong traction in
mance on many parameters and 15,000. non-par savings segments are likely
achieved double-digit growth in the Hiring was done across diverse verti- drivers.
renewal premium collection in the first
cals such as agency, bancassurance, Individual APE increased 14% y-o-y in
six months of the current financial and internal operations, it said. In the October 2020 for private players while
year," Bharti AXA Life Insurance Man- last six months, Max Life has also group APE was up 24% y-o-y, translat-
aging Director and Chief Executive Of- proactively engaged with more than ing to 15% y-o-y growth in overall APE.
ficer Parag Raja said.
500 candidates digitally to create a On a sequential basis, this was up from
The company's assets under manage- talent pool for future hiring, it added. 4% y-o-y in September 2020 from 7%
ment saw a strong growth amid the y-o-y decline over June-August 2020.
slowdown triggered by the COVID un- Reliance Nippon Life Insur- Even as protection growth has likely
certainty, he added. With economic slowed down from peak levels (ratio of
activities picking up after easing of re- ance leases 40,000 sq ft at individual non-single sum assured to
strictions, the company is confident Adani Inspire in BKC individual non-single premium was
about the business recovery and Reliance Nippon Life Insurance has broadly flat y-o-y at 31X; 41X for
growth in the second half of this fiscal, taken a 40,000 sq ft space on a five- 7MFY21 compared to 32X in 7MFY20),
Raja said. Bharti AXA Life Insurance year lease at an Adani Realty project pick-up in ULIPs, traction in non-par
said it plans to expand its distribution
in the BKC business district to house its savings and gradual revival in group
footprints across the country and
corporate headquarters, officials said. credit business (11% y-o-y growth in
strengthen its multi-channel architec- group sum assured against 37% y-o-y
"RNLI has signed up to have 40,000 sq
ture. Currently, it has 261 branches decline in 7MFY21 and 30% y-o-y de-
ft in Bandra Kurla Complex's (BKC)
and 36,526 advisors. cline in September 2020) led to strong
Adani Inspire for five years," a source
The company is focusing on digital in- said. growth in overall APE. LIC's individual
novation within its distribution band- APE was up 6% y-o-y; overall APE was
width to meet the rising bar of higher "Corporate office relocations are a up 7% y-o-y on the back of 9% y-o-y
matter of long term commitment and
service standards and growing cus- growth in the group business.
the recovered business sentiment re-
tomer expectations, the release said. HDFC Life reported 45% y-o-y increase
garding the value of life insurance
Bharti AXA Life maintained business in individual APE in October 2020 (up
momentum amid uncertainties by product gives us the confidence to 43% y-o-y in September 2020); indi-
make this decision. BKC is a prominent
embracing new digital tools and capa- vidual sum assured was up 6% y-o-y (up
bilities and enhanced experiences of and centrally-located business 4% y-o-y in September 2020 and 11%
customers, employees, partners and district," Vohra told. yoy in 7MFY21) in October 2020. Over-
other stakeholders, it added. RNLI will be moving to the space from all APE was up 47% (up 45% y-o-y in
Reliance Centre in nearby Santacruz, September 2020) on the back of strong
Max Life Insurance hires whose possession has been taken over growth in the group business (group
2,000 executives via digital by Yes Bank for non-payment of loans. APE was up 60% y-o-y compared to
55% in September 2020); credit life
medium during COVID-19 Life Insurance: Premium has likely picked up. Growth in indi-

Max Life Insurance said it has hired vidual business was likely driven by
over 2,000 executives during the first collections of private life strong traction in the flagship tradi-
half of this fiscal in midst of the COVID- insurers' up 15% tional businesses. HDFC Life's strategy
19 pandemic. Life insurers reported 14% year-on- to toggle between product classes has

By efficiently digitizing its recruitment year (y-o-y) growth in individual helped it deliver better than industry.
and onboarding process, the life in- annualised premium equivalent (APE) ICICI Prudential Life reported 22% y-
surer has been able to deliver a seam- in October 2020 compared to 4% y-o- o-y decline in individual APE in October

Life Insurance Today July - December 2020 83