This article was first published in the IIB Bulletin, 2014, Vol. 1, Iss. 2, pp 8-10; Co-Authors: Siddharth Manvendra Chitre (IIB) & Anshuk Pal Chaudhuri (Gramener Technology Solutions Pvt. Ltd.)
https://iib.gov.in/IRDA/Articles/IIB%20Bulletin%20Q2%202014-15.pdf
The New Business Premiums in the Life Insurance business
has witnessed a drop in premiums since the last few years due to uncertainties
and changes in regulations. Financial Year 2013-14 saw a revival in the total
New Business Premium. The Industry registered an overall growth of 11.5% on a
base of Rs. 119,641 Crores of Total Premium. LIC had a growth of 17.82% in NB
Premium during the year.
Over 83% of Current Year (FY13-14) Total Premium was from
the top three Insurance Companies: LIC, SBI Life and HDFC Standard.
The highest YOY-Percent Change is by Edelweiss Tokio
(69.85% on a base of Rs 80Crores current year total premium) while the lowest
YOY-Percent Change is at Star Union Dai-ichi (-24.43% on a base of Rs 563crores
current year total premium).
The size of the box indicates total premium received in crores (2013-14)
and the colour indicates YOY growth profit (red is low, green is high). Visuals
by Gramener.com
|
Top Current Year Total Premium (in
Crores)
|
Top YOY-Percent Change
|
Top Change YOY (in Crores)
|
|||
|
LIC
|
90,124
|
Edelweiss Tokio
|
70.00%
|
LIC
|
13,636
|
|
SBI Life
|
5,067
|
Bharti Axa Life
|
51.00%
|
Reliance Life
|
557
|
|
HDFC Standard
|
4,037
|
Reliance Life
|
40.00%
|
IndiaFirst
|
365
|
|
ICICI Prudential
|
3,761
|
IndiaFirst
|
28.00%
|
Max LIFE
|
362
|
|
Bajaj Allianz
|
2,593
|
DLF Pramerica
|
26.00%
|
Bharti Axa Life
|
127
|
|
Bottom Current Year Total Premium (in
Crores)
|
Bottom YOY-Percent Change
|
Bottom ChangeYOY (in Crores)
|
|||
|
Sahara Life
|
65
|
Star Union Dai-ichi
|
-24.40%
|
ICICI Prudential
|
-1,047
|
|
Edelweiss Tokio
|
80
|
Tata AIA
|
-22.50%
|
HDFC Standard
|
-399
|
|
Aegon Religare
|
147
|
ICICI Prudential
|
-21.80%
|
Bajaj Allianz
|
-395
|
|
DLF Pramerica
|
174
|
Met Life
|
-19.90%
|
Star Union Dai-ichi
|
-182
|
|
Future Generali Life
|
225
|
Aviva
|
-13.70%
|
Met Life
|
-167
|
Private sector Insurers as a whole hold 24.61% of the market
share of the Industry New Business Premium for the FY ending March 2014.
If we look at only private sector companies (leaving LIC
out), YOY Percent Change was -4% on a base of Rs. 29,517 Crores of Total Premium. Over 44% of Total Premium were from the top three Private Insurance
Companies : SBI Life, HDFC Standard and
ICICI Prudential.
The size of the box indicates total premium received in crores (2013-14)
and the colour indicates YOY growth profit (red is low, green is high). Visuals
by Gramener.com
|
Top Current Year Total Premium (in
Crores)
|
Top YOY-Percent Change
|
Top Change YOY (in Crores)
|
|||
|
SBI Life
|
5,067
|
Edelweiss Tokio
|
70.00%
|
Reliance Life
|
557
|
|
HDFC Standard
|
4,037
|
Bharti Axa Life
|
51.00%
|
IndiaFirst
|
365
|
|
ICICI Prudential
|
3,761
|
Reliance Life
|
40.00%
|
Max LIFE
|
362
|
|
Bajaj Allianz
|
2,593
|
IndiaFirst
|
28.00%
|
Bharti Axa Life
|
127
|
|
Max LIFE
|
2,261
|
DLF Pramerica
|
26.00%
|
Kotak Mahindra Old Mutual
|
84
|
|
Bottom Current Year Total Premium (in
Crores)
|
Bottom YOY-Percent Change
|
Bottom ChangeYOY (in Crores)
|
|||
|
Sahara Life
|
65
|
Star Union Dai-ichi
|
-24.40%
|
ICICI Prudential
|
-1047
|
|
Edelweiss Tokio
|
80
|
Tata AIA
|
-22.50%
|
HDFC Standard
|
-399
|
|
Aegon Religare
|
147
|
ICICI Prudential
|
-21.80%
|
Bajaj Allianz
|
-395
|
|
DLF Pramerica
|
174
|
Met Life
|
-19.90%
|
Star Union Dai-ichi
|
-182
|
|
Future Generali Life
|
225
|
Aviva
|
-13.70%
|
Met Life
|
-167
|
If we look at category wise growth in New Business
Premiums, the Individual Non-single premium (INSP) which is critical for
long-term sustainability dropped by 3.96% for the Industry. Strangely, LIC's
drop was more at 4.56%, as compared to the private sector which took a dip of
3.01%.
The highest YOY-Percent Change is at Group Single Premium
(31.46% on a base of Rs. 50,448 crores Total Premium) increasing the share of
this portfolio from 42% in FY2012-13 to 49% in FY 2013-14.
The size of the box indicates total premium received in crores (2013-14)
and the colour indicates YOY growth profit (red is low, green is high). Visuals
by Gramener.com
|
Current Year Total Premium (in
Crores)
|
YOY-Percent Change
|
Change YOY (in Crores)
|
|||
|
Group Single Premium
|
50,448
|
Group Single Premium
|
31.00%
|
Group Single Premium
|
12,073
|
|
Individual Non-Single Premium
|
43,740
|
Group Non-Single Premium
|
29.00%
|
Group Non-Single Premium
|
1,947
|
|
Individual Single Premium
|
16,887
|
Individual Single Premium
|
1.00%
|
Individual Single Premium
|
190
|
|
Group Non-Single Premium
|
8,567
|
Individual Non-Single Premium
|
-4.00%
|
Individual Non-Single Premium
|
-1,804
|
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