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Axis Securities Report
In-line with seasonal moderation post a strong performance in March 2022, the life insurance industry witnessed a sharp decline in new business premium/annual premium equivalent on a monthly basis.
However, YoY performance remained healthy driven by a continued robust performance by Life Insurance Corporation of India.
NBP/APE grew by 84%/57% YoY primarily driven by LIC’s NBP/APE growth of 141/77% YoY.
The listed private players reported a strong performance in terms of NBP/APE which grew by 27/41% YoY. However, it was shadowed by LIC’s robust performance.
Amongst the private listed players, Max Life’s performance was disappointing with NBP growing at 3% YoY and APE de-growing by 5% YoY. Thus, despite a strong performance, private listed players lost market share by 10/5% YoY in terms of NBP/APE respectively.
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