India’s life insurers’ revenue rose in April over a year earlier on higher group policy premiums.
On a three-year CAGR basis, private life insurers delivered 18% retail weighted received premium growth against 5% for LIC, Emkay Global said. It expects total RWRP growth for FY23 to be around 12-13% year-on-year, with the private sector growing in the teens and LIC growing in high single digits.
The listed private life insurers, according to the brokerage, are in a position to grow strongly with relatively higher profitability, powered by their brand and ubiquitous distribution strengths. After the recent correction, the valuation is attractive, it said.
How India’s listed private insurers fared in April 2022:
HDFC Life Insurance
Revenue fell 54% over the previous month to Rs 1,463 crore.
Year-on-year, its new business premium rose 23%.
Among private peers, it enjoyed the highest market share by premium of 8.15% as on April 30.
SBI Life Insurance Co.
New business premium was down 58% over March to Rs 1,238 crore.
Year-on-year, the new business premium rose 26%.
SBI Life saw growth in the retail segment policy premiums and group yearly renewable premiums.
SBI Life’s market share stood at 6.9% in April.
ICICI Prudential Life Insurance Co.
New business premium slumped 62% over the previous month to Rs 885 crore.
Year-on-year, the revenue was up 47%.
Its market share stood at 4.93%.
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