Asia Pacific Equity Research
02 July 2008
India Life Insurance
Insurance Tracker - May 2008
IndiaInsurance - LifeSachin Sheth
(91-22) email@example.comJ.P. Morgan India Private Limited
(91-22) firstname.lastname@example.orgJ.P. Morgan India Private Limited
(852) email@example.comJ.P. Morgan Securities (Asia Pacific) Limited
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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.
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.
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)
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)