EUR 120.00 For Business Accounts Only

MOSL: INDIA LIFE INSURANCE: Private players’ Individual WRP grows ~29% YoY

INDIA LIFE INSURANCE: Private players’ Individual WRP grows ~29% YoY (two-year CAGR of ~9%) in Nov’21

 

• Private players' Individual weighted received premium (WRP) grew 28.6% YoY in Nov'21 (two-year CAGR of +9.3%; +23.4% in Oct'21), while the industry posted a growth of 26% (two-year CAGR decline of -8.1%; +12.6% in Oct'21). In FY22 YTD, private players' Individual WRP grew 30.1% YoY (two-year CAGR of +9.6%). The same for the industry grew 19.4% YoY (two-year CAGR of +3.7%).
• Among listed players, MAX Life/SBI Life posted a strong ~36%/30% YoY growth in Nov'21 (two-year CAGR of +20.9%/+10.8%), while IPRU Life posted a modest 13% YoY growth (two-year CAGR of -11.6%) v/s a decline of 31% YoY in Nov'20. HDFC Life reported a muted growth of ~1.7% YoY (two-year CAGR of +10.6%).
• Among mid-sized players, Bajaj Allianz/Tata AIA reported strong growth (+71%/+60% YoY, two-year CAGR of +27.3%/+26.1%), while Birla Sun Life reported modest growth (+10% YoY, two-year CAGR of -9.9%). Kotak Life reported strong growth (+36% YoY, two-year CAGR of +2.3%).
• LIC reported a growth of 21.7% YoY (two-year CAGR of -25.5%; -1.9% in Oct'21) in Individual WRP. In FY22 YTD, LIC's Individual WRP grew 5% YoY (two-year CAGR of -4.3%).
• We have seen a healthy pickup in growth over the past few months, with Nov'21 continuing to witness healthy trends across most players. We expect premium growth to see strong traction over FY22, with a continued focus on Non-PAR/Annuity, while ULIP is likely to witness a gradual recovery. We prefer IPRU Life and SBI Life.