MOSL: Morning India (15/March/18): 1. India Life Insurance; 2. EcoScope; 3. Strides Shasun
MOrning India (15/March/18): 1. India Life Insurance; 2. EcoScope; 3. Strides Shasun
Today’s top research idea
India Life Insurance: New business growth softens to 13% YoY
- Private players reported 13.5% YoY growth in new business weighted received premium (WRP) in February 2018, led by strong growth trends for HDFC Life, Max Life, Tata AIA and Kotak Life. ICICI PruLife continued to report softer trends (14% YoY decline in new business WRP) after reporting strong growth earlier during most of FY18.
- SBI Life also reported a moderation in new business growth at 17% YoY (lowest during FY18YTD) however this appears to be seasonal in nature. LIC reported new business WRP growth of 12.2% YoY on a benign base; however, on a sequential basis, the trend was flattish, whereas there was a 10% MoM decline for private players.
- Combined growth for the industry, thus declined 5.7% MoM in February 2018. During FY18 YTD basis, the industry has grown at ~16% YoY, led by 20.5% growth for private players, while LIC reported relatively modest growth of ~11%.
Piping hot news
World Bank forecasts India GDP growth rate at 7.3% in 2018-19
The World Bank on Wednesday said while India’s GDP growth rate will return to 7.5% in two years’ time, to sustain an 8% GDP growth rate, India requires a decisive structural reform momentum that succeeds in stimulating investment and export growth while maintaining macroeconomic stability. The Indian economy regained its momentum in the December quarter, recovering from disruptions caused by demonetisation and implementation of the goods and services tax (GST), to expand at 7.2%, the fastest in five quarters.
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