For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Life Insurance Companies: Premiums Up 90% On Low Base

|

Private players' individual weighted received premium (WRP) increased 89.5% YoY in Mar'21 (v/s 23.0% YoY in Feb'21), while the industry posted growth of 121.3% YoY, Motilal Oswal institutional Equities said in a sector report.

 

"This was primarily on account of a low base - individual WRP for private players/the industry declined 40%/44% in Mar'20, weighed by the COVID outbreak and subsequent lockdown. However, insurers witnessed a healthy uptick in Mar'21 (seasonally strong quarter), led by a focus on Non-PAR, with ULIP showing signs of recovery. Private players' individual WRP grew 7.5% YoY in FY21, while that of the industry was up 3.0% YoY," the report states.

Life Insurance Companies: Premiums Up 90% On Low Base

Among the listed players, SBI Life posted growth of 119% YoY in Mar'21 (-42% in Mar'20). ICICI Prudential Life Insurance reported growth of 98% (-49% in Mar'20), and HDFC Life grew 75% YoY (-28% in Mar'20). On the other hand, MAXLIFE continued to deliver a resilient performance with 56% YoY growth (-36% YoY in Mar'20).

Mid-sized players reported strong growth, with TATA AIA/Bajaj Allianz reporting growth of 116%/104% YoY. Kotak Life/Birla Sun Life reported growth of 63%/61% YoY. These players had reported declines of 36-39% in Mar'20. LIC posted growth of 196% YoY in individual WRP (v/s decline of 65% YoY in Mar'20). In FY21, LIC's individual WRP declined 3.2% YoY," the Motilal Oswal Financial report states.

Read more about: life insurance
Story first published: Wednesday, April 21, 2021, 8:59 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X