Insurance share price target

In September 2024, private insurers sold 8.7 lakh policies, while LIC sold 23.5 lakh schemes. The first-year premium for private insurers grew by 16.4% YoY to Rs 14,651 crore. Meanwhile, LIC's first-year premium increased to Rs 20,369.3 crore, but its market share contracted by 80 bps YoY.

In August 2024, private insurers sold 7.6 lakh policies, while LIC sold 16.4 lakh schemes. The first-year premium for private insurers grew by 6.7% YoY to Rs 13,335 crore. Meanwhile, LIC's first-year premium increased to Rs 19,309.1 crore, with its market share expanding by 580 bps YoY.

In July 2024, private insurers sold 7.6 lakh policies, while LIC sold 16.3 lakh schemes. The first-year premium for private insurers grew by 7.3% YoY to Rs 13,379.2 crore. Meanwhile, LIC's first-year premium increased to Rs 18,430.6 crore, with its market share expanding by 270 bps YoY.

In June 2024, private insurers sold 7.1 lakh policies, while LIC sold 14.6 lakh schemes. The first-year premium for private insurers grew by 9.7% YoY to Rs 10,333.4 crore. Meanwhile, LIC's first-year premium increased to Rs 28,366 crore, with its market share falling by 70 bps YoY.

In May 2024, private insurers sold 6.2 lakh policies, while LIC sold 12.5 lakh schemes. The first-year premium for private insurers grew by 9.7% YoY to Rs 10,333.4 crore. Meanwhile, LIC's first-year premium increased to Rs 16,690.4 crore, with its market share rising by 190 bps YoY.

In April 2024, private insurers sold 4.6 lakh policies, while LIC sold 8.6 lakh schemes. The first-year premium for private insurers grew by 16.4% YoY to Rs 7,861.1 crore. Meanwhile, LIC's first-year premium increased to Rs 12,383.6 crore, with its market share rising by 14.9 percentage points YoY.

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Private insurers sold 7.6 lakh policies in January 2024, while LIC sold 20.3 lakh schemes. The first-year premium of private insurers grew by 31.6% YoY to Rs 14,639 crore in the same period. While LIC's premium rose YoY to Rs 18,920.8 crore, its market share fell by 150 bps YoY.

In December 2023, private insurers sold around 9.5 lakh policies, with their first-year premium rising 4.1% YoY to Rs 15,599.8 crore.

In contrast, LIC sold 17 lakh schemes, witnessing a 93.8% YoY increase in first-year premiums to Rs 22,981.3 crore. Its market share also increased by 15.4 percentage points YoY.

In November 2023, private insurers sold around 6.6 lakh policies, and their first-year premium declined by 9.3% YoY to Rs 10,360.3 crore. In contrast, LIC sold 13.8 lakh schemes and saw a 32.9% YoY decline in first-year premium to Rs 16,134.6 crore. Its market share also declined by 6.9 percentage points.

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In October 2023, private insurers sold around 6.4 lakh policies, and their first-year premium increased by 24.2% YoY to Rs 11,171.9 crore.

In contrast, LIC sold 14.2 lakh schemes but saw a 13.7%% YoY decline in first-year premium to Rs 15,647.1 crore. Its market share also declined to 58.3%.

In September 2023, private insurance companies sold approximately 7.3 lakh policies, and their first-year premiums grew by 10.7% YoY to Rs 12,590 crore.

In contrast, LIC sold around 14.8 lakh schemes but saw a 27.5% YoY decline in first-year premium to Rs 18,126.3 crore. Its market share also declined to 59%.

Private insurers sold around 7.2 lakh policies in August 2023, while LIC sold 17.1 lakh schemes. The first-year premium of private insurers rose by 13.9% YoY to Rs 12,496 crore in the same period.

Meanwhile, LIC's premium fell MoM to Rs 14,292.5 crore, and its market share dropped by 390 bps.

Private insurers’ individual retail APE growth of 21%/13% in Aug/FY24TD and growth in the number of policies (17.5%/9.2% in Aug/FY24TD) have started indicating a positive surprise in volumes in FY24, basis 5 months’ numbers. However, margin story could be different.

General insurance GDPI has grown by a strong 16.5% in FY24-TD led by motor (19% YTD) and health (24% YTD). However, profitability is likely to be key given the backdrop of: 1) increasing combined ratio for all players in FY23, and 2) room for increasing opex ratios basis the EOM guideline where we see 10 out of top 18 multi-line players in the industry operating under the 30% benchmark and 2 out of 4 SAHIs operating below the 35% mark as of Q1FY24.

Private insurers sold around 6.7 lakh policies in July 2023, while LIC distributed 16.6 lakh schemes. First-year premiums of private insurers rose by 4.1% MoM to Rs 12,480.6 crore in the same period.

While LIC's premium fell MoM to Rs 15,386.6 crore, its market share declined to 55.2%.

Strong life insurance premium growth (20% YoY in Jul’23 for private players) and non life GDPI growth (14% YoY during the same month for private players) bode well for the sector. The volume performance increases confidence in life insurance demand being minimally impacted from removal of tax exemptions over the years.