Life Insurance Sector Update - Over A Low Base: Nirmal Bang

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Nirmal Bang Report

In April 2021, we have seen the industry-wide individual annual premium equivalent grow by 83.2% YoY.

The private sector has grown by 89.6% YoY while Life Insurance Corporation of India is up 74.3% YoY.

Remember that April 2020 was the first full month of national lockdown and the industry had seen a decline of 43.7% YoY (on an individual APE basis).

In this backdrop, we are likely to see high growth for most of H1 FY22E.

Despite H1 FY21 being down 7.4% YoY, we have seen a very strong growth in H2 FY21 with FY21 individual APE closing out 3% higher YoY.

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