The table captures premiums across life insurers for June 2022 and for Q1FY23.
Insurer Category | Jun 2021 | Jun 2022 | Growth % | Jun-21 YTD | Jun-22 YTD | Growth % | Share |
Private Total | 8213.20 | 10610.89 | 29.19 | 17124.58 | 25473.53 | 48.75 | 34.58 |
Individual Single Premium | 1215.26 | 1418.05 | 16.69 | 2674.25 | 3594.26 | 34.40 | 43.69 |
Individual Non-Single Premium | 3425.26 | 4189.31 | 22.31 | 7058.07 | 10380.59 | 47.07 | 62.29 |
Group Single Premium | 2651.46 | 4356.06 | 64.29 | 5945.22 | 9321.71 | 56.79 | 20.50 |
Group Non-Single Premium | 5.88 | 12.49 | 112.30 | 34.22 | 39.02 | 14.02 | 3.58 |
Group Yearly Renewable Premium | 915.33 | 634.98 | -30.63 | 1412.83 | 2137.94 | 51.32 | 96.00 |
LIC of India | 21796.28 | 20643.67 | -5.29 | 35600.68 | 48201.00 | 35.39 | 65.42 |
Individual Single Premium | 1573.43 | 1705.56 | 8.40 | 3355.47 | 4633.24 | 38.08 | 56.31 |
Individual Non-Single Premium | 2114.01 | 2583.27 | 22.20 | 4656.09 | 6283.43 | 34.95 | 37.71 |
Group Single Premium | 17912.99 | 16068.57 | -10.30 | 27163.94 | 36143.86 | 33.06 | 79.50 |
Group Non-Single Premium | 160.91 | 253.88 | 57.78 | 330.63 | 1051.36 | 217.99 | 96.42 |
Group Yearly Renewable Premium | 34.94 | 32.38 | -7.32 | 94.55 | 89.11 | -5.76 | 4.00 |
Grand Total | 30009.48 | 31254.55 | 4.15 | 52725.26 | 73674.53 | 39.73 | 100.00 |
Individual Single Premium | 2788.68 | 3123.60 | 12.01 | 6029.72 | 8227.51 | 36.45 | 100.00 |
Individual Non-Single Premium | 5539.28 | 6772.58 | 22.26 | 11714.15 | 16664.03 | 42.26 | 100.00 |
Group Single Premium | 20564.45 | 20424.64 | -0.68 | 33109.16 | 45465.57 | 37.32 | 100.00 |
Group Non-Single Premium | 166.79 | 266.37 | 59.70 | 364.85 | 1090.38 | 198.86 | 100.00 |
Group Yearly Renewable Premium | 950.27 | 667.36 | -29.77 | 1507.38 | 2227.05 | 47.74 | 100.00 |
One challenge that LIC appears to be facing is that its traditional focus areas like group single premium policies are facing negative growth. That can be attributed to insurance buyers adopting a more risk-off approach to insurance in tough macro conditions. Private insurers have been gaining traction in group premium policies, but that is on a much smaller base, so the growth tends to look inflated. Growth has been largely focussed on the individual non-single premium space.
Our reading of the sum assured numbers for June 2022
The table captures sum assured across life insurers for June 2022 and for Q1FY23.
Insurer Category | Jun 2021 | Jun 2022 | Growth % | Jun-21 YTD | Jun-22 YTD | Growth % | Share |
Private Total | 357158.47 | 439118.92 | 22.95 | 1050009.60 | 1192681.24 | 13.59 | 85.24 |
Individual Single Premium | 1814.61 | 1602.65 | -11.68 | 4116.02 | 4156.44 | 0.98 | 54.70 |
Individual Non-Single Premium | 109665.19 | 107852.31 | -1.65 | 266809.22 | 284034.39 | 6.46 | 70.92 |
Group Single Premium | 55097.09 | 111823.94 | 102.96 | 249261.43 | 305489.02 | 22.56 | 99.92 |
Group Non-Single Premium | 14976.75 | 14150.29 | -5.52 | 88217.87 | 30248.35 | -65.71 | 86.17 |
Group Yearly Renewable Premium | 175604.83 | 203689.73 | 15.99 | 441605.08 | 568753.04 | 28.79 | 87.46 |
LIC of India | 92720.41 | 91688.72 | -1.11 | 150621.41 | 206553.07 | 37.13 | 14.76 |
Individual Single Premium | 1178.00 | 1384.49 | 17.53 | 2446.26 | 3441.66 | 40.69 | 45.30 |
Individual Non-Single Premium | 33136.90 | 47963.31 | 44.74 | 72169.74 | 116491.36 | 61.41 | 29.08 |
Group Single Premium | 54.39 | 103.63 | 90.55 | 128.27 | 233.14 | 81.75 | 0.08 |
Group Non-Single Premium | 1177.50 | 2117.17 | 79.80 | 3217.47 | 4854.38 | 50.88 | 13.83 |
Group Yearly Renewable Premium | 57173.61 | 40120.11 | -29.83 | 72659.66 | 81532.54 | 12.21 | 12.54 |
Grand Total | 449878.88 | 530807.64 | 17.99 | 1200631.01 | 1399234.31 | 16.54 | 100.00 |
Individual Single Premium | 2992.61 | 2987.14 | -0.18 | 6562.27 | 7598.11 | 15.78 | 100.00 |
Individual Non-Single Premium | 142802.09 | 155815.62 | 9.11 | 338978.95 | 400525.75 | 18.16 | 100.00 |
Group Single Premium | 55151.47 | 111927.58 | 102.95 | 249389.70 | 305722.16 | 22.59 | 100.00 |
Group Non-Single Premium | 16154.26 | 16267.46 | 0.70 | 91435.34 | 35102.72 | -61.61 | 100.00 |
Group Yearly Renewable Premium | 232778.44 | 243809.85 | 4.74 | 514264.74 | 650285.58 | 26.45 | 100.00 |
When it comes to sum assured, private insurers have an edge in terms of market share at 85.24%. Private insurers largely specialize in selling pure risk covers as compared to the LIC which has its traditional franchise in endowments and other investment-based policies. This has been the case all along in the life insurance business.
How private life insurance players fared in June 2022
Out of the 23 private life insurance players, the top 5 insurers viz. SBI Life, HDFC Life, ICICI Prudential Life, Bajaj Allianz Life and Max Life accounted for 72.5% of premium collections. Among the larger players, Bajaj Allianz was the sole private life insurer to show over 100% growth in premiums yoy. Other major private life insurers with growth above 50% included SBI Life, Tata AIA and Kotak Mahindra Life.
In the private life insurance space, growth mainly came from the individual single premium and the group single premium segments. Growth in the individual non-single life segment was a lot more subdued in June 2022.
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