Non-Life Insurers Likely To Show Better Margin Performance Than Life Insurers In FY24: ICICI Securities

Non-life insurance volumes have been strong in FY24 till date; margin performance to be better than life insurers’

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ICICI Securities Report

Non-life insurers’ margin outperformance can be attributed to signs of revival in motor profitability compared to weaker product mix YoY for life insurers.

This can be backed by the fact that average combined operating ratio improvement of ~30 basis points for top-five non-life private insurers (excluding standalone health insurers) versus ~344 bps average value of new business margin decline in 9M FY24 YoY for listed four private life insurers. This report covers:

  1. Volume and sum assured trends for life insurers in FY24 including relative rankings.

  2. Sectoral trends in non-life insurance, including volume, market share and outlook.

Click on the attachment to read the full report:

ICICI Securities Insurance_Monthly_Mar24.pdf
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Also Read: Technology - SaaS Companies Factor In CY24 Demand Akin To CY23: ICICI Securities

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