In Feb-10, NBP for the sector grew by 28% YoY, led by 41% growth in NBP of LIC. LIC continues to dominate the sector with +46% market share; up 60bps MoM.
During Feb-10, ICICI’s premiums declined by 7% YoY, second consecutive month of YoY drop in NBP. The fall in premiums is largely due to lower group premiums (down 64% YoY; this is a volatile business), while individual premiums were up 9%.
ICICI has retained its #1 position among private insurers. SBI’s premium growth also moderated during Feb-10 to 24% YoY (up 60% YoY in Jan-10). Due to higher share of group business, SBI’s premiums have been volatile.
HDFC Standard Life reported strong growth of 96% YoY (47% MoM) led by large group premium collections. While Reliance and Bajaj reported growth of 21% and 11% respectively, Birla and Max’s NBP declined by 21% and 2% YoY, respectively.
