Insurance Tracker - Individual WRP For Private Players Grew 11.4% In December; LIC’s WRP Rose: Motilal Oswal

Motilal Oswal Report

In December 2023, the Individual weighted received premium for private players grew 11.4% YoY (a three-year compound annual growth rate of 18.7% versus a decline of 1.3% YoY in November 2023).

For the industry, Individual WRP grew 8.7% YoY in Dec-23 (a three-year CAGR of 13.8% vs. a decline of 3.8% YoY in Nov-23). Over April-Dec-23, private players grew 11.3% YoY.

Among listed players, HDFC Life Insurance Company Ltd. (including Exide merger) reported a decline of 4.7% YoY in Dec-23 (a three-year CAGR of 15.4%).

SBI Life Insurance Company Ltd. reported a strong growth of 19.6% YoY in Dec-23. Bajaj Allianz/Max Life/ICICI Prudential Life Insurance Company Ltd./Tata AIA reported YoY growth of 20.2%/15%/12.6%/16.7%.

Life Insurance Corporation of India reported 2.1% YoY growth in Individual WRP (-8.7% in Nov-23). Over Apr-Dec-23, Individual WRP for LIC was flat YoY.

After reporting a strong growth in March 2023, the industry witnessed a slowdown over Apr-Dec-23. The dip in performance can be attributed to a large number of customers purchasing insurance policies in March 2023, right before the implementation of budgetary changes. The growth momentum continues to be a key monitorable in FY24.

We retain SBI Lfie as our preferred idea in the space.

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