Non-Life Insurers' Revenue Rises After Three Months In December
Revenue of non-life insurers rose 14% over November, aided by growth across categories.
India's non-life insurance companies reported a sequential growth in revenue after three months in December across all three categories—general, standalone health and specialised state-run insurers.
The gross premium underwritten for non-life insurers in December was Rs 21,872 crore, a rise of 14% over the previous month. Revenue was also up 15% year-on-year, according to the provisional data released by the General Insurance Council.
It was 22% higher as compared to the corresponding pre-pandemic month in 2019.
Revenue for specialised state-run non-life insurers jumped 8.4 times over November to Rs 1,284 crore. It was up 16% over December 2021.
Revenue of general insurers, which cover home, travel, motor, health, fire and other natural or man-made calamities, rose 7% over the preceding month to Rs 18,280 crore in December. Year-on-year, it rose 13%.
Standalone private health insurers' revenue was up 14% month-on-month at Rs 2,308 crore. It jumped 23% from a year earlier.
Industry revenue rose 16% over the previous year to Rs 1.87 lakh crore.
General insurers reported a 16% year-on-year growth in gross written premiums.
Standalone private health insurers saw a 26% jump in revenue in the nine months ended December 2022.
Specialised state-run non-life insurers saw a 3% rise in the first nine-month revenue of FY23.
How India’s three listed non-life insurers fared in December:
ICICI Lombard General Insurance
Revenue fell 8% month-on-month, while it was up 9% year-on-year at Rs 1,651 crore in December.
For the December quarter, revenue rose 17% year-on-year and 6% sequentially at Rs 5,493 crore.
Revenue was up 21% in the first nine months of FY23 in comparison to the same period in the previous fiscal.
Market share is at 8.57% in December against 8.26% a year earlier and 8.71% in November.
The New India Assurance
Gross premium jumped 49% over the previous month, but fell 2% year-on-year to Rs 3,556 crore in December.
For the third quarter, revenue stood at Rs 8,719 crore, up 2% year-on-year and 11% sequentially.
For the nine months till December, gross premiums were up 2%.
In December, it continued to remain the market leader with a share of 13.94%. It was 15.82% a year earlier and 13.63% in November 2022.
Star Health & Allied Insurance
Gross premium for the standalone health insurer rose 19% over the previous month and 16% year-on-year to Rs 1,163 crore.
For the December quarter, gross premiums declined 3% sequentially to Rs 3,097 crore. They rose 15% year-on-year.
Revenue for the first nine-months of FY23 was 13% higher than the year earlier.
Market share stood at 4.67% against 4.83% in of December 2021 and 4.59% in November 2022.