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MOSL: INDIA LIFE INSURANCE (INSURANCE TRACKER)-Private players/industry individual WRP growth moderates

India Life Insurance (Insurance Tracker): Private players/industry individual WRP growth moderates

 

In Jan’19, individual WRP growth for private players moderated to 10% YoY (Dec-18: +14% YoY), while industry growth came in at 9% YoY (Dec-18: +15% YoY). Among private players, Birla Sun Life (+81% YoY), Tata AIA (+46% YoY) and Bajaj Allianz (+21% YoY) exhibited robust trends. Among the listed players, Max life, IPRU Life and HDFC Life reported individual WRP growth of 35%/9%/2%, whereas SBI Life reported flattish growth. For FY19 YTD, Max Life/SBI Life/HDFC Life reported individual WRP growth of 22%/12%/8% YoY, while IPRU Life reported a 9% YoY decline. LIC, on the other hand, reported 8% YoY growth (+5.5% for FY19 YTD), taking industry growth to 9% YoY in Jan’19.

 Contraction in market share of private players (on individual wrp basis)

Private players reported a 14% MoM decline in individual WRP, with their market share at ~60% in Jan’19 (-433bp MoM). For FY19 YTD, Tata AIA, Birla Sun Life and SBI Life have gained the maximum market share, while IPRU Life’s market share has declined by 200bp MoM. SBI Life remains the largest private insurer in terms of both total WRP and individual WRP, followed by IPRU. On an un-weighted basis, HDFC Life remains the largest insurer on FY19 YTD basis.