Weighted recieved premium expands to 3 percent among the private players

The weighted received premium grew by 3 percent among the individual players in the market such as Private Life, Prudential Life, Max Finance, Birla Sun Life, and Bajaj Allianz. The industry continues to show a path of constructive course only by keeping its focus on the Protection and the Non-PAR Segments after observing a reduction in the Covid 19 pandemic.

Max finance announced a powerful growth of 18 percent which were further followed by SBI Life and HDFC Life at 7 and 4 percent respectively. While on the other edge Private Prudential Life continues to face coercion and shows a decline of around 24 percent. 

After showing vigorous growth in the shielding business for the run in FY21 the footstep of growth has abated over the past few years. However, the movement still remains well. For private underwriters, individual unweighted nonsingle premium extended to 2.2 percent in December’20. Even the proportion of individual non-single premium has decreased over the past months indicating self-restraint in the Protection growth.

The amalgamated market share of listed players – SBI Life, Prudential Life, Max Finance stood at 63.6%. Among large private agents Tata AIA, Birla Sun, and Bajaj Allianz are getting tightly located in the fifth to the seventh slot based on individual weighted received premium. Work metrics to stay strong even as premium growth remains chamber. 

Motilal Oswal continues to expect growth to be moderated from quarter 4 in FY21 while it has a low base in March’20. Motilal Oswal expects HDFC Life to observe a moderate improvement in new business premium and Annual premium equivalent in FY21 and the same for SBI Life has also been approximated at 5 percent. However, on the other edge, Private Prudential would continue to give back unenthusiastic trends and is likely to be exposed to an Annual premium equivalent decline of 13 percent for FY21. 



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