Life Insurance Sector Update - Private players continue to outperform LIC By Choice Broking
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Update on Life Insurance sector: In Mar. 2021, new business premium (NBP) of life insurers grew by 70% ¥-0-¥, which was mainly aided bythe lower base lastyear.
* In the same quarter last year, around 15 days business activities were impacted by the Covid-19 led lockdown thereby leading to a 32% decline in NBP.
* Marchis an important month for the sector as there is alot of business from the individuals looking at buying policies in the last minute to Savethe income tax.
* For F¥21, the sector has reported a 7.5% growth inthe NBP, whichis lowerthan the growth rate of 20% in FY20.
* The sector growth in F¥21 is mainly driven by the private players, which has reported a NBP growth of 83.5% Y-o-¥ and 16.3% in Mar. 2021 and for F¥21, respectively, as againsta growth of 65% and 3.5% of LIC.
* Consequently, private insurers gained market share of 2.6% in NBP to reach at 33.8% by the end of FY21. As of Mar. 2021, SBI Life, HOFC Life and ICiCI Prudential hold a NBP market share of 21.9%, 21.5%s and 13.8%, respectively.
We covered life insurance sector on 7th Apr. 2021 and below are our recommendation summary:
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