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MOSL: INDIA LIFE INSURANCE (INSURANCE TRACKER)- Private players Individual WRP growth recovers to 17% YoY

India Life Insurance (Insurance Tracker): Private players Individual WRP growth recovers to 17% YoY

 

Private players’ individual WRP growth saw a pick-up in Feb’19 to 17% YoY (10% YoY in Jan’19), while industry growth came in at 13% YoY (9% YoY in Jan’19). Among private players, Birla Sun Life (+60% YoY), Tata AIA (+52% YoY) and Bajaj Allianz (+33% YoY) exhibited robust trend. Amongst listed players, SBI Life/Max Life/IPRU Life reported individual WRP growth of 30%/ 27%/ 8%, while HDFC Life reported a 6% YoY decline. During FY19 YTD - Max Life / SBI Life / HDFC Life reported 22%/ 13%/ 6% YoY growth in individual wrp while IPRU Life reported 7% YoY decline. LIC, on the other hand, reported 7% YoY growth in individual wrp (+5.6% during FY19 YTD) taking industry growth to 13% YoY for Feb’19. 

Private players’ individual WRP market share expands to ~59% for Feb’19

Private players’ individual WRP market share improved 220bp YoY to ~59% in Feb’19 due to strong 17% YoY growth in Feb’19 (11.4% in FY19 YTD). During FY19 YTD, Tata AIA, Birla Sun Life, Max Life and SBI Life gained the maximum market share, while ICICI Pru Life/HDFC Life’s market share declined 187bp/17bp. On FY19 YTD basis, SBI Life remains the largest private insurer, in terms of total and individual WRP, followed by IPRU Life. On an un-weighted basis, HDFC Life remains the largest insurer with a market share of 7% during FY19 YTD followed by SBI Life at 6.7%.