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MOSL: INDIA LIFE INSURANCE: Private players’ Individual WRP grows by ~23% YoY

INDIA LIFE INSURANCE: Private players’ Individual WRP grows by ~23% YoY (two-year CAGR of ~19%) in Oct’21

 

• Private players' Individual weighted received premium (WRP) grew 23% YoY in Oct'21 (two-year CAGR of 18.8%; +35% in Sep'21) v/s a 12.6% growth for the industry (two-year CAGR of 11.6%; +30% in Sep'21). In FY22 YTD, private players' Individual WRP grew 30.4% YoY (two-year CAGR of +9.6%) v/s 18.4% for the industry (two-year CAGR of +6.2%).
• Among listed players, SBILIFE posted a strong growth (~33% YoY) in Oct'21 (two-year CAGR of +23%). IPRULIFE grew 23% YoY (two-year CAGR of -1.8%) v/s a decline of 22% in Oct'20. HDFCLIFE grew by ~21% YoY (two-year CAGR of +33%). MAXLIFE posted a muted growth of 0.3% YoY (two-year CAGR of +22.2%).
• Among mid-sized players, Bajaj Allianz reported strong growth (+61% YoY, two-year CAGR of +29%), while Aditya Birla Sun Life/Tata AIA reported muted growth (+5%/+3%, two-year CAGR of +13%/19%). Kotak Life reported a strong growth (+46% YoY, two-year CAGR of +18.4%).
• LIC reported a decline of 2% YoY (two-year CAGR of +2%; +22% in Sep'21) in Individual WRP. In FY22 YTD, LIC's Individual WRP grew 2.7% YoY (two-year CAGR of +1.1%).
• We have seen a healthy pickup in growth over the past few months, with Oct'21 continuing to witness healthy trends across most players, barring MAXF. We expect strong traction in premium growth over FY22, with a continued focus on Non-PAR/Annuity and a gradual recovery in ULIP. We prefer IPRULIFE and SBILIFE.