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According to Motilal Oswal Financial Services, The Individual weighted received premium (WRP) for private players declined 1.3% YoY in Apr’23 (up 55.7% YoY in Mar’23) due to the budgetary changes as demand was front-ended in Mar’23. The same for industry declined 2.5% YoY in Apr’23 (up 37.6% YoY in Mar’23). For FY23, private players’ WRP grew 24.2% YoY.

In terms of Individual WRP, the market share for private players contracted 410bp MoM to 63.9% in Apr'23. LIC’s market share increased to 36.1%. SBILIFE (15.2%) remained the largest private insurer in terms of Individual WRP in Apr’23, followed by HDFCLIFE (10.4%) and Tata AIA (6.7%). On an unweighted basis, HDFCLIFE was the largest private insurer, with a market share of 12.0%, followed by SBILIFE (10.6%) and IPRU (5.8%).

On an Individual WRP basis, the combined market share of listed players – SBILIFE, HDFCLIFE, MAXLIFE, and IPRU – stood at 55.7% of all private players in Apr’23. Among large private insurers, on an Individual WRP basis, Tata AIA and Bajaj Allianz have surpassed IPRU and MAXLIFE to emerge as the third and fourth largest players, while Birla Sun Life remains firmly positioned at the seventh position. Among key listed players on the basis of Individual WRP –

HDFCLIFE (including Exide merger) reported a growth of 14.6% YoY (up 34% in FY23). Total Unweighted premium grew 3.2% YoY (up 18.8% in FY23).

SBILIFE recorded a decline of 5.2% YoY (up 18.2% in FY23). Total Unweighted premium rose 8% YoY (up 16.2% in FY23).

IPRU reported a decline of 31.1% YoY (+7% in FY23). Total Unweighted premium declined 17.1% YoY (up 12.5% in FY23).

MAXLIFE posted a decline of 3.9% YoY (+10.7% in FY23). Total Unweighted premium was flat YoY (+13.3% in FY23).

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