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Life Insurance - Robust growth continues for life insurers; SBI Life and Bajaj Allianz outperforms - ICICI Securities

Posted On: 2021-10-11 23:23:35 (Time Zone: IST)

Private life insurers reported robust growth of 32%/35% in Sept'21 in terms of total APE/individual APE. This is noteworthy considering the high base of Sep'20 unlike earlier months. Between Apr-Aug'20 individual APE ranged between Rs10.5-32.3bn (Rs13.6bn- Rs40bn for total APE) and Sep'20 individual APE came in at Rs38bn (Rs48.3bn for total APE) which again fell to Rs33bn/34bn in Oct / Nov'20 (Rs40bn/41bn for total APE). In terms of total APE, BALIC reported highest growth of 85% YoY followed by Birla Sun Life (79%), SBI Life (51%), IPRU Life (45%) and HDFC Life (27%) in Sep'21. In terms of individual APE, BALIC reported highest growth of 63%, followed by SBI Life (56%), IPRU Life (41%) and HDFC Life (20%). Max reported lower growth of 8%/7.5% YoY in terms of total/individual APE on high base.

  • SBI Life and BALIC led the pack in Q2FY22: SBI Life and BALIC outperformed among key insurers in terms of total and individual APE growth. In terms of total APE, SBI / BALIC reported strong growth of 47% YoY and 55% YoY vs 20.6% / 35% / 10% reported by HDFC Life / IPRU Life / Max. Similarly, in terms of Individual APE, SBI / BALIC reported growth of 58% / 52% vs 21% / 34% / 10% reported by HDFC Life / IPRU Life / Max, respectively.
  • How does H1FY22 growth stack up: H1FY22, total / Individual APE stood at 32% each for private insurers led again by SBI Life and BALIC. SBI Life and BALIC posted growth of 50% / 51% in terms of individual APE and 40% / 57% in terms of total APE vs 21.6% / 37% / 18.7% in terms of individual APE and 24% / 40% / 17% in terms of total APE by HDFC Life / IPRU Life / Max Life. IPRU Life growth numbers are as reported by the company. For rest, growth calculations are based on weighted basis.

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