Life Insurance - Individual WRP For Private Players Grows 18% In February; LIC declines 3%: Motilal Oswal

Motilal Oswal Report

The Individual weighted received premium for private players grew 18.2% YoY in Feb-23 (a three-year compound annual growth rate of 14.7%, up 14.2% in Jan-23). Individual WRP for the industry grew 10.5% YoY in Feb-23 (a three-year CAGR of 11.0%, up 9.9% in Jan-23).

During April-22-Feb-23, private players grew 18.1% YoY (a three-year CAGR of 12.9%).

Among listed players, HDFC Life Insurance Company Ltd. (including Exide merger) reported 38.3% growth in Feb-23 (a three-year CAGR of 20.4%).

ICICI Prudential Life Insurance Company Ltd./Max Life reported modest growth of 7.3%/5.8% (a three-year CAGR of 2.1%/5.6%).

SBI Life Insurance Company Ltd. reported flat trends with a 0.2% YoY decline (a three-year CAGR of 15.3%).

Among mid-sized players, Tata AIA/Birla Sun Life/Kotak Life/Bajaj Allianz reported growth of 59%/43%/31%/30% YoY (a three-year CAGR of 27%/20%/18%/35%).

Life Insurance Corporation of India reported a decline of 3.0% YoY in Individual WRP (a three-year CAGR of 4.6%, up 3.0% in Jan-23). During Apr-22-Feb-23, Individual WRP for LIC grew 9.3% YoY (a threeyear CAGR of down 0.7%).

After reporting a modest growth over Jul-Oct-22, the industry has been witnessing a pick-up for the past few months, with growth reverting to double digits.

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