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December premiums remain healthy
New business premium (NBP) and total annualised premium equivalent (APE) grew 13% and 19%, respectively, in Dec’19 for private life insurers. For a trend, individual APE grew 18/27/24/22/11/3/4/27/17% in April/ May / June / Jul/ Aug / Sep/Oct/Nov/Dec, respectively. Notably, HDFC Life (HDLI) reported 35%/46% growth in total/individual APE in Dec’19. SBI Life (SBLI) and Max Life continue to report strong growth while Bajaj Allianz (BALIC) reported low single digit growth in Dec’19. SBLI maintained leadership in the number of individual polices (NOP) which grew 11% for it in FY20TD compared to 4% for private life insurers. Total/individual APE grew 4%/8% for IPRU life (IPRU) in Dec’19.
As a trend, HDLI and SBLI have outperformed the sector. For HDLI, we maintain APE/NBP growth estimates of 25% for FY20E factoring-in possible lower growth in H2FY20. For SBLI, we maintain APE/NBP growth estimates of 20%/35% in FY20E.
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