| Insurer | For the Month of AUGUST | Up to the Month of AUGUST | MoM (%) | YoY(%) | Market Share | ||
| FY21 | FY20 | FY21 | FY20 | FY21 | FY21 | ||
| ICICI Lombard General Insurance Company Limited | 1,011.65 | 904.73 | 5,402.94 | 5,425.13 | 11.82% | -0.41% | 7.3 |
| Bajaj Allianz General Insurance Company Limited | 1,200.68 | 1,320.77 | 5,471.04 | 5,083.14 | -9.09% | 7.63% | 7.4 |
| HDFC Ergo General insurance Company Limited | 941.17 | 758.98 | 3,123.75 | 3,113.76 | 24.00% | 0.32% | 4.22 |
| IFFCO Tokio General Insurance Company Limited | 1,022.88 | 908.03 | 3,407.81 | 3,439.01 | 12.65% | -0.91% | 4.61 |
| Reliance General Insurance Company Limited | 625.31 | 590.25 | 3,108.59 | 3,170.97 | 5.94% | -1.97% | 4.2 |
| SBI General Insurance Company Limited | 718.75 | 513.58 | 2,607.03 | 2,187.07 | 39.95% | 19.20% | 3.52 |
| The New India Assurance Company Limited | 1,745.07 | 1,836.00 | 11,255.34 | 10,714.90 | -4.95% | 5.04% | 15.22 |
| United India Insurance Company Limited | 1,231.26 | 961.5 | 6,633.15 | 6,005.67 | 28.06% | 10.45% | 8.97 |
| The Oriental Insurance Company Limited | 801.96 | 952.13 | 4,559.50 | 5,223.31 | -15.77% | -12.71% | 6.16 |
| National Insurance Company Limited | 912.63 | 964.79 | 4,821.53 | 5,587.83 | -5.41% | -13.71% | 6.52 |
Source: IRDAI
Key Takeaways:
State-owned general insurers saw their premiums decline 0.5 per cent in August 2020 to Rs 4,690.92
crore compared to Rs 4,714.42 crore in August last year.
Private General Insurers’ premiums for the reporting month rose almost 10 per cent to Rs 8,448.83 crore.
The biggest gainer in premiums has been standalone health insurers, as they saw a 36.42 per cent rise in premiums during the period to Rs 1,462.92 crore, against Rs 1,072.32 crore.
ICICI Lombard gains 27 bps market share between April- August 2021
Listed Private insurer ICICI Lombard posts 11.8% YoY growth in Aug premium
Life insurers’ new business Premiums showed of 14.8% growth in August
| HDFC Life | Aug 20 ( in Rs. Cr.) | YoY | SBI Life | Aug 20 ( in Rs. Cr.) | YoY |
| Individual APE | 542.2 | 14% | Individual APE | 720.2 | -14% |
| Total APE | 667.4 | 17% | Total APE | 839.9 | -6% |
| NBP | 190.4 | 45% | NBP | 180.58 | 26% |
| ICICI Prudential | Aug 20 ( in Rs. Cr.) | YoY | LIC | Aug 20 ( in Rs. Cr.) | YoY |
| Individual APE | 406 | -29% | Individual APE | 271.29 | 2% |
| Total APE | 494 | -21% | Total APE | 427.02 | 7% |
| NBP | 892 | -15% | NBP | 1971.42 | 15% |
New business premiums (NBP) of life insurers saw a growth of 14.79% in August at Rs 27,039.79 crore, against Rs 23,554.94 crore in the same month last year, led by a surge in the group single premium business.
The NBP for Life Insurance Corporation of India (LIC) stood at Rs 19,714.21 crore, a rise of 15.19%.
Private life insurers saw the growth of 13.74% in their NBP at Rs 7,325.59 crore in August.
Within private players, HDFC Life Insurance showed a sharp recovery with 14% YoY growth in individual annualized premium equivalent (APE).
Peers SBI Life Insurance and ICICI Prudential Life Insurance saw contractions of 14% and 29% YoY, respectively in individual annualized premium equivalent (APE).
For the first Five months ended of FY21, Retail API of HDFC Life Insurance shrank 5.2% lowest among top private insurers. SBI Life Insurance and ICICI Prudential Life Insurance saw contractions of 25% and 41% respectively.
In August, growth came due to the group single premium business, while individual investors are still staying away.
Outlook
We have a positive outlook on HDFC Life Insurance. HDFC Life holds the highest VNB margin among them SBI Life and ICICI Prudential Life Insurance. Persistency ratio of HDFC Life increases by 200 bps to 87% In Q1FY21. Among General Insurance Players ICICI Lombard General Insurance has the greatest market share of 7.3% increased 27 bps between April – August 2020.
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Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more
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