Life insurers post healthy business growth
News: The new premium income of life insurance companies jumped by nearly 42% YoY to Rs.27,177.26 crore in November 2021. LIC witnessed over 32% YoY rise in the first-year business premium in November at Rs.15,967.51 crore, as against Rs.12,092.66 crore YoY. Private insurers registered a spike of 58.6% in their collective first-year premium income at 11,209.75 crore. SBI Life saw a sharp 153.8% YoY rise in premium mainly on account of higher group single premium while HDFC Life saw a 28.4% YoY growth in first year business at Rs.1928 crore. On a YTD basis the overall new premium came in at Rs.180765 crore, registering a 8.5% YoY growth.
Views: We believe healthy growth momentum to continue and expect FY22E to show a double-digit growth in new business premium with private insurers gaining market share