IRDAI has released Life Insurance data for August`22. Individual weighted received premium grew 9% YoY in August`22. In terms of first-year premiums, all top private Life insurers saw growth over 15% YoY. SBI Life growth remains in the 20-30% range for the second consecutive month.
Amongst listed players, SBI Life tops the list with a market share of 7.3% followed by HDFC Life at 6.09% and ICICI Pru Life stood at 4%
In terms of Individual WRP, all listed players reported weak trends, except HDFCLIFE which grew at a healthy rate of 17.4% in Aug’22. SBI LIFE posted a decline of 5.2% due to a high base of 67% in Aug’21. MAX LIFE and ICICI PRU LIFE posted a higher decline of 11.6% and 14% YoY respectively. The combined market share stood at 57% for private players in Apr-Aug’22. Market share for private players expands ~64% in Aug’22.
MOSL expects a gradual pick-up in growth on the back of strong demand for Annuity and Non-PAR policies and recovery in the Protection business. After reporting healthy growth in the initial months of FY23, the industry is witnessing moderation over the past few months.
It believes growth in ULIP may stay soft due to market volatility. MOSL Continues to prefer SBILIFE as its top pick.
MONTHLY PREMIUM GROWTH
| Particulars | August `22 | August `21 | YoY |
| HDFC Life | Rs 2091cr | Rs 1790cr | up 16.8% |
| SBI Life | Rs 2701cr | Rs 2238cr | up 21% |
| ICICI Pru Life | Rs 1421cr | Rs 1276cr | up 11.3% |
| Max Life | Rs 604cr | Rs 610cr | down 1.1% |
| Bajaj Alliance | Rs 669cr | Rs 505cr | up 32.4% |
| LIC | Rs 21882cr | Rs 18960 | up 15.4% |
MARKET SHARE (PREMIUM)
| June`22 | July`22 | August`22 | |
| HDFC Life | 6.5% | 6.02% | 6.09% |
| SBI Life | 7.6% | 7.02% | 7.29% |
| ICICI Pru Life | 4.3% | 4.02% | 4.09% |
| Max Life | 2% | 1.8% | 1.8% |
| Bajaj Alliance | 4% | 3.38% | 3.08% |
| LIC | 65% | 68.57% | 68.13% |
