Life Insurance - Individual WRP For Private Players Grows 15.9% In Dec; LIC’s Grows 3.1%: Motilal Oswal

Motilal Oswal Report

Individual weighted received premium for private players grew 15.9% YoY in Dec 2022 (a three-year compound annual growth rate of 15.6%, up 26.9% in Nov-22). The same for the industry grew 11.9% YoY in Dec-22 (a three-year CAGR of 11.9%, up 21.8% in Nov-22).

Over Apr-Dec-22, private players grew 18.6% YoY (a three-year CAGR of 13.2%).

Among listed players, SBI Life Insurance Company Ltd. reported a strong growth of 31.4% in Dec-22 (a three year CAGR of 18.7%), while HDFC Life Insurance Company Ltd. (including Exide merger) reported growth of 32.5% (a three-year CAGR of 21.9%).

ICICI Prudential Life Insurance Company Ltd./ Max Financial Services Ltd. posted a decline of 7.7%/9.7% YoY (a three-year CAGR of down 8.1%/up 14.4%). 

Life Insurance Corporation of India posted 3.1% YoY growth in Individual WRP (a three-year CAGR of 4.4%, up 12.8% in Nov-22). Over Apr-Dec-22, Individual WRP for LIC grew 11.9% YoY (a three-year CAGR of 1.7%).

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