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India Life Insurance

India Life Insurance

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Published by: himanshooseth on Jul 29, 2009
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Asia Pacific Equity Research
02 July 2008
India Life Insurance
Insurance Tracker - May 2008
IndiaInsurance - LifeSachin Sheth
AC
(91-22) 6639-3004sachin.sheth@jpmorgan.comJ.P. Morgan India Private Limited
Nitin Kumar
(91-22) 6639-3003nitin.x.kumar@jpmorgan.comJ.P. Morgan India Private Limited
Sunil Garg
(852) 2800-8518sunil.garg@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited
www.morganmarkets.com
See page 15 for analyst certification and important disclosures, including non-US analyst disclosures.
JPMorgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firmmay have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor inmaking their investment decision.
 
Private growth continues, LIC loses share:
New businesspremiums (APE) for the industry rose 20% yoy in May08 boostedby 72% yoy growth for private vs. 19% yoy decline for LIC.
 
LIC’s
market share shrank to 38% in May-08. Although LIC’sAPE declined 19% yoy in May, individual APE declined evenmore at 22% only to be partly compensated by higher group APE,up 77%.
 
SBI, Birla and Reliance
continue to garner maximum gainswithin the private space. ICICI maintains share.
 
LIC continued to lag
on volume growth with 21% fewer policiessold in May08; However, premium per policy increasedmarginally by 3% leading to 19% decline in APE growth.
 
 
News:
HSBC makes an entry in the life business in a JV withCanara and Oriental Bank.
 
Figure 1: FY09 growth in new business premium (APE) – May 2008 (growth numbers are for the month of May)
20%-19%209%176%145%132%115%91%80%75%70%33%72%-100%0%100%200%300%400%500%
   T  o   t  a   l   I  n   d  u  s   t  r  y   L   I   C   T  o   t  a   l   P  r   i  v  a   t  e   B   h  a  r   t   i   A  x  a   L   i   f  e   B   i  r   l  a   S  u  n   l   i   f  e   R  e   l   i  a  n  c  e   L   i   f  e   S   B   I   L   i   f  e   M  a  x   N  e  w   Y  o  r   k   K  o   t  a   k   M  a   h   i  n   d  r  a   O   l   d   M  u   t  u  a   l   S  a   h  a  r  a   L   i   f  e   T  a   t  a   A   I   G   I   C   I   C   I   P  r  u   d  e  n   t   i  a   l   M  e   t   L   i   f  e   I   N   G   V  y  s  y  a
YoY Growth in NBP(APE)FY09 Ytd Growth in NBP(APE)
 
844%936%
 
Source: IRDA, JPMorgan
 
 
 2
Asia Pacific Equity Research
02 July 2008Sachin Sheth(91-22) 6639-3004sachin.sheth@jpmorgan.com
Figure 2: Industry : Growth in New Business Premium (Unweighted)
-100%-50%0%50%100%150%200%250%300%350%400%
     A    p    r     M    a    y     J    u    n     J    u     l     A    u    g     S    e    p     O    c     t     N    o    v     D    e    c     J    a    n     F    e     b     M    a    r
F2007 F2008F2009
May'08 : 23%
 Source: IRDA, JPMorgan.
Figure 3: LIC : Growth in New Business Premium (Unweighted)
-100%0%100%200%300%400%500%
     A    p    r     M    a    y     J    u    n     J    u     l     A    u    g     S    e    p     O    c     t     N    o    v     D    e    c     J    a    n     F    e     b     M    a    r
F2007 F2008F2009
May'08 : 0%
 Source: IRDA, JPMorgan.
Figure 4: Private Players : Growth in New Business Premium(Unweighted)
0%20%40%60%80%100%120%140%160%180%
     A    p    r     M    a    y     J    u    n     J    u     l     A    u    g     S    e    p     O    c     t     N    o    v     D    e    c     J    a    n     F    e     b     M    a    r
F2007F2008F2009
May'08 : 69%
Source: IRDA, JPMorgan.
Figure 5: ICICI Prudential : Growth in New Business Premium(Unweighted)
-50%0%50%100%150%200%250%
      A    p    r      M    a    y      J    u    n      J    u      l      A    u    g      S    e    p      O    c      t      N    o    v      D    e    c      J    a    n      F    e      b      M    a    r
F2007F2008F2009
May'08 : 68%
Source: IRDA, JPMorgan.
 
 3
Asia Pacific Equity Research
02 July 2008Sachin Sheth(91-22) 6639-3004sachin.sheth@jpmorgan.com
Figure 6: Bajaj Allianz : Growth in New Business Premium(Unweighted)
-50%0%50%100%150%200%250%
      A    p    r      M    a    y      J    u    n      J    u      l      A    u    g      S    e    p      O    c      t      N    o    v      D    e    c      J    a    n      F    e      b      M    a    r
F2007F2008F2009
 
May'08 : 5%
 Source: IRDA, JPMorgan.
Figure 7: SBI Life : Growth in New Business Premium (Unweighted)
0%100%200%300%400%500%600%700%
     A    p    r     M    a    y     J    u    n     J    u     l     A    u    g     S    e    p     O    c     t     N    o    v     D    e    c     J    a    n     F    e     b     M    a    r
F2007F2008F2009
May'08 : 109%
 Source: IRDA, JPMorgan.
Figure 8: HDFC SL : Growth in New Business Premium (Unweighted)
0%20%40%60%80%100%120%140%160%
     A    p    r     M    a    y     J    u    n     J    u     l     A    u    g     S    e    p     O    c     t     N    o    v     D    e    c     J    a    n     F    e     b     M    a    r
F2007F2008F2009
May'08 : 10%
Source: IRDA, JPMorgan.
Figure 9: BSLI : Growth in New Business Premium (Unweighted)
-50%0%50%100%150%200%250%
     A    p    r     M    a    y     J    u    n     J    u     l     A    u    g     S    e    p     O    c     t     N    o    v     D    e    c     J    a    n     F    e     b     M    a    r
F2007F2008F2009
May'08 : 200%
Source: IRDA, JPMorgan.

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