Life Insurance - Individual Weighted Received Premium For Private Players Grew 22% YoY In June: Motilal Oswal

Motilal Oswal Report

The individual weighted received premium for private players grew 22% YoY in June 2024 (a three-year CAGR of 18.7%). For the industry, individual WRP grew 18.9% YoY in June-24 (a three-year CAGR of 14.3%).

For FY24, private players grew 8% YoY.

Among listed players, HDFC Life Insurance Company Ltd. (including Exide merger) grew 34% YoY in June-24 (a three-year CAGR of 18.8%). SBI Life Insurance Company Ltd. grew 18.3% YoY in June-24. Max Life/ICICI Prudential Life Insurance Company Ltd. grew 22.2%/27.8% YoY, whereas Bajaj Allianz grew 35.2% YoY in June-24.

Individual WRP for LIC grew 12.7% YoY in June-24 (versus a growth of 7.2% in May-24). For FY24, Individual WRP for LIC was flat YoY.

IRDAI has announced new regulations regarding surrender values, to be implemented from October 01, 2024. The product and commission construct could undergo significant changes, leading to volatility in premium growth for the rest of the fiscal year.

Nevertheless, over the medium term, we believe these changes are favorable for customers and will bring back growth.

SBI Life and HDFC Life are our preferred picks in the space.

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