Anand Rathi: Life Insurers’ Growth Continues In August With Gradual Relaxing Of Curbs
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Anand Rathi Report
On further easing of the lockdowns, life insurers’ business grew in August.
The new-business premiums of the private sector grew 14% YoY, Life Insurance Corporation of India grew 15% YoY. At the end of August 2020, total NBPs amounted to Rs 270 billion versus Rs 236 billion a year ago.
The annual premium equivalent for the private sector slipped 4% YoY at August-end 2020. LIC, the sole public entity, grew 7% YoY. At the end of August 2020, total APE was Rs 78 billion versus Rs 76 billion a year ago.
LIC outpaced private sector. In NBP, private insurers’ market-share fell to 27% in August 2020 (34% in July 2020, 21% in June 2020).
In APE, private insurers’ market-share declined marginally to 46% in August 2020 (from 47% in July 2020 and 42% in June 2020).
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