When all listed life insurance companies lost market share in the period between January and May 2019, HDFC Life is bringing all the difference. The life insurance arm of HDFC posted a strong growth in its market share, which rose to 9.24 percent in May 2019 from 7.07 percent in January 2019, a gain of 217 basis points (bps). Hundred bps is one percentage point.

Share Market Live

NSE

In the same period, ICICI Prudential Life’s market share dropped by 20 bps and Max Life’s market share dropped by 52 bps. SBI Life’s market share dropped by 31 bps to touch 6.49 percent.

However, a steady premium growth in the month of May for most insurance companies has been a silver lining. HDFC Life’s premium in the month of May grew 52 percent and stood at Rs 1,201 crore. The growth compares to an average premium growth of 31 percent between January and April 2019. In terms of segmental performance, HDFC Life’s individual single premium in the month of May grew slightly over 68 percent and group single premium grew over 32 percent.

ICICI Prudential Life Insurance’s premium in the month of May grew by 26 percent, as against an average growth of 33 percent in the January-May 2019 period. Max Life Insurance’s premium in May grew by 21 percent whereas SBI Life’s premium grew by 45 percent versus an average premium growth of 28 percent in the January-May 2019 period.

Insurance behemoth Life Insurance Corporation of India’s premium in the month of May grew 46.6 percent and came in at Rs13,496 crore. The premium growth compares to an average of 38 percent in the January-May 2019 period. The market share for LIC remained flat at around 66 percent.

First Published:Jun 12, 2019 7:07 PM IST