Personal insurance coverage corporations’ particular person weighted obtained premium (WRP) reported a development of 46% year-on-year (YoY) in Apr’22 (+12.2% in Mar’22), whereas the business posted a development of 38.7% YoY (+11.9% in Mar’22), in line with India Life Insurance coverage report of Motilal Oswal Monetary Providers Restricted (MOFSL). This was totally on account of a low base in Apr’21, which noticed muted volumes because of Covid relapse and ensuing lockdowns.
After reporting a moderation in development over Jan-Feb’22, the business is witnessing a wholesome restoration in Mar-Apr’22. MOFSL expects tendencies to stay wholesome, given the sturdy demand in Annuity/Non-PAR and restoration within the Safety enterprise, whereas ULIP development can stay weak because of unstable market circumstances.
Among the many listed gamers, SBI LIFE posted a development of 89.2% YoY in Apr’22. IPRU too reported a development of 32.2% YoY, after reporting a muted trajectory previously few months. HDFC LIFE reported a modest 9.6% YoY development, whereas MAX LIFE posted a decline of 4.6% YoY – the third decline previously 4 months. Amongst mid-sized gamers, Tata AIA/Bajaj Allianz/Birla Solar Life reported a development of 86%/81%/51% YoY. Kotak Life reported a development of 19% YoY. LIC reported a development of 27.8% YoY (+11.5% in Mar’22) in Particular person WRP.
Particular person WRP market share for personal gamers expands to ~63% in Apr’22
Particular person WRP market share for personal gamers expands by ~300bp MoM to 63.1% in Apr’22. LIC’s market share stood ~37%. SBI LIFE (15.6%) remained the biggest personal insurer when it comes to Particular person WRP in Apr’22, adopted by HDFC LIFE (8.9%) and IPRU (7.3%). On an Unweighted foundation, HDFCLIFE was the biggest personal insurer, with a market share of 8.2%, adopted by SBILIFE (6.9%) and IPRU (4.9%), as per the report.
Efficiency of key personal gamers
On an Particular person WRP foundation, the mixed market shares of listed gamers – SBI LIFE, HDFC LIFE, MAX LIFE, and IPRU – stood ~58% in Apr’22. We additionally observe that each Bajaj Allianz and Tata AIA have overtaken MAX LIFE when it comes to Particular person WRP market share in Apr’22. Among the many key listed gamers, on the premise of particular person WRP:
HDFC LIFE reported a development of 9.6% YoY; whole Unweighted premium grew 22.5% YoY.
SBI LIFE reported a sturdy development of 89.2% YoY; whole Unweighted premium grew 33.3% YoY.
IPRU reported a robust development of 32.2% YoY; whole Unweighted premium grew 37.6% YoY.
MAX LIFE reported a decline of 4.6% YoY; whole Unweighted premium grew 3.3% YoY, as per the report.
Supply: Live Mint