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Motilal Oswal Report
In July 2024, the individual weighted received premium for private players grew 30% YoY (a three-year compound annual growth rate of 16.6%), while for the industry growth was at 19% YoY (a three-year compound annual growth rate of 13%).
Among listed players, individual weighted received premium for HDFC Life Insurance Company Ltd. showed a strong growth of 57.8% YoY. Max Life Insurance Company Ltd./ICICI Prudential Life Insurance Comp Ltd./Bajaj Allianz General Insurance Company Ltd. saw strong growth of 44.8%/40.4%/47.5% YoY. SBI Life Insurance Company Ltd. growth was relatively weaker at 20.8% YoY.
Individual WRP for LIC remained flat YoY in July 2024 (versus a growth of 12.7% in June 2024).
Insurance Regulatory and Development Authority of India has announced new regulations regarding surrender values, to be implemented from 1st October 2024. The product and commission construct could undergo significant changes, leading to volatility in premium growth for the rest of the fiscal year.
Nevertheless, over the medium term, we believe these changes are favorable for customers and will bring back growth. SBI Life and HDFC Life are our preferred picks in the space.
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