Life Insurance- Strong Show By Large Private Players In September Excluding ICICI Life; LIC Drags: Nirmal Bang

Nirmal Bang Report

Individual annual premium equivalent for private life insurers grew by 12.3% YoY in September 2023 (versus 9.7% for industry). HDFC Life Insurance Company Ltd./Max Life /SBI Life Insurance Company Ltd. outperform with strong growth of 25.8%/28.9%/15.8% YoY.

ICICI Prudential Life Insurance Company Ltd. saw a slowdown of 5.3% YoY due to a 22% decline in primary banca partner’s contribution while Life Insurance Corporation of India posted a subdued growth of 5% YoY.

Industry group APE contracted by 36% YoY due to a 43% YoY decline in LIC’s group business. Top private players picked up well within group insurance. On year-to-date basis, SBI Life holds market share at 16.2%. Max Life sees a consistent rise (5.8% share) while HDFC Life/Tata AIA Life Insurance Company Ltd. /IPRU Life’s share remains stable.

We expect growth in H2 FY24 APE to be driven by a consistent rise in retail protection volume for top private players (excluding ICICI Life).

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