The second wave, along with the lockdown in major states, weighed down on overall performance in May 2021. In FY22 so far, private players’ individual WRP grew 37.4% YoY. The same for the industry grew 22.7% YoY, said Motilal Oswal Financial Services in an insurance sector report.
Among listed players, ICICI Pru Life posted a growth of around 28% YoY in May against a decline of 52% in May 2020. HDFC Life reported a growth of around 17% against a decline of 33% in May 2020. Max Life grew at 12.5% vs a decline of 20% in May 2020. SBI Life posted a decline of 5.6% YoY.
Among mid-sized players, Bajaj Allianz reported a growth of 32%. Other players like Tata AIA/Birla Sun Life/Kotak Life reported a decline of 8%, 15%, 31%.
LIC reported a decline of 22% in individual WRP against a decline of 3% in May 2020. In FY22 so far, LIC’s individual WRP has risen 7% YoY, as per the report.
"Although rising Covid-19 cases and lockdown in key states could impact overall growth in the near term, we expect premium growth to see strong traction over FY22E with a continued focus on Non-PAR/Annuity and Protection segment, while unit-linked insurance plans (ULIP) is witnessing a gradual recovery. MAX LIFE and IPRULIFE are our preferred picks."