Life Insurance - Individual WRP For Private Players Grows 14.2% YoY In Jan; LIC Rises 3.0%: Motilal Oswal

Motilal Oswal Report

The individual weighted received premium for private players grew 14.2% YoY in Jan-23 (at a three-year compound annual growth rate of 9.3%, up 15.9% in Dec-22). The same for industry grew 9.9% YoY in Jan-23 (at a three-year CAGR of -2.8%, up 11.9% in Dec-22).

Over Apr-Jan-23, private players’ WRP grew 18.0% YoY (at a three-year CAGR of 12.7%).

Among listed players, HDFC Life Insurance Company Ltd. (including Exide merger) reported a 27.3% YoY growth in Jan-23 (at a three-year CAGR of 17.4%). Max Life/SBI Life Insurance Company Ltd. reported modest growth of 8.6%/7.5% YoY (at a three-year CAGR of -1.5%/5.4%).

ICICI Prudential Life Insurance Company Ltd. reported weak trends with a growth of 1.4% YoY (at a three-year CAGR of -4.5%).

Life Insurance Corporation of India posted a 3.0% YoY growth in Individual WRP (at a three-year CAGR of -15.6%, up 3.1% in Dec-22). Over Apr-Jan-23, Individual WRP for LIC grew 10.7% YoY (at a threeyear CAGR of -1.2%).

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