In March, private insurers' new-business premiums (NBP) grew 13% y/y, and LIC's NBPs grew a strong 51% y/y. At end-Mar'22, NBP grew 37% y/y to Rs 596 billlion (from Rs 434 billion a year prior), Anand Rathi has said in a report.
The private sector's annual-premium equivalent (APE) grew 11% y/y at end-Mar'22. APE for LIC, the sole public entity, grew 51% y/y. At end-March'22, total APE was Rs211bn (Rs162bn a year prior), the Brokerage noted.
NBP: The top-three accounted for a 47.4% market share
In NBP, HDFC Life, with an 18.3% market share, was number one; y/y it declined 120bps. SBI Life, with 16.5%, held the second position; y/y it declined 30bps. Occupying the third slot was I-Pru with 12.7%, declining 140bps y/y. Private insurers such as Bajaj Allianz Life (up 120bps y/y), Tata AIA Life (up 90bps y/y) and Max life (up 10bps y/y) increased their market shares, whereas Kotak Mahindra Life (down 40bps y/y) lost market share.