Motilal Oswal Financial Services

Sector Update | 23 September 2021

Sector Update | Financials

India General Insurance

Technology

nsurance

racker

Industry premium grows by ~24% YoY in Aug’21, led by strong

performance across segments (two-year CAGR of 17%)

The General Insurance industry grew by 24% YoY in Aug’21, with private players,

public players, and SAHI growing by 18.4%, 15.8%, and 26.1%, respectively.



Private players reported a GWP growth of 18.4% YoY in Aug’21 (two-year CAGR of

13.6%), while the industry posted a growth of 24.1% YoY (two-year CAGR of 17.1%). In

FY22 YTD, private players’ GWP grew by 14.1% YoY (two-year CAGR of 7.2%). The

same for the industry grew by 16.9% YoY (two-year CAGR of 10%).

Overall GWP growth was driven by strong performance across all segments, with

Marine/Motor OD/Health/Crop growing by 38.6%/11.2%/24.5%/40.4%.

On a FY22 YTD basis, Star Health saw the highest market gain of 54bp at 4.9%. Among

private players, ILOM’s market share stood at 6.9% (-40bp YoY).

Among key players, Bajaj Allianz, New India, and Star Health reported strong GWP

growth of 11.4%/30.6%/16% YoY (two-year CAGR of 0.6%/11.4%/33.2%), whereas ILOM

reported muted growth of 4.3% YoY (two-year CAGR of 8%). Within key unlisted players,

SBI General reported astronomical growth (96.3% YoY, two-year CAGR of 65.8%).

Health segment grew by 24.5% YoY in Aug’21 steered by robust

performance in the Group Health business

Premium and YoY growth (%)

GWP, INR m

Grand total

Total public

Total private

SAHI

Bajaj Allianz

ILOM

New India

Star Health

Aug’21

YoY

2,18,716 24.1%

54,301 15.8%

1,02,184 18.4%

16,135 26.1%

13,374 11.4%

10,549

4.3%

22,798 30.6%

9,043 16.0%

Source: General Insurance Council ,

MOFSL

The Health business grew by 24.5% YoY (two-year CAGR of 24.6%), with

Retail/Group Health growing by 14%/37% (two-year CAGR of 26.2%/21%).

Government schemes/overseas health business too saw robust growth of 22%/82%

YoY (on a small base).The share of Health segment in the overall industry GWP grew

by 395bp to 34.9% on a FY22 YTD basis. SAHI reported a GWP growth of 26.1% YoY

(two-year CAGR of 34.9%). Within SAHI, growth of Star Health remained subdued at

a mere 16% against a growth of 53%/51%/33%/22% during

Apr’21/May’21/Jun’21/Jul’21. We believe this slowdown in growth is a conscious

step on the back of limited capital. The proceeds from the upcoming IPO of Star

Health will provide the required capital cushion, aiding the company back to the

growth trajectory. After two consecutive month of market share loss in the Health

segment, ILOM saw a market share gain of 112bp in Aug’21.

Motor segment grew by 8.5% YoY in Aug’21 driven by Motor OD business

The Motor business grew by 8.5% YoY (two-year CAGR of 3.1%), with Motor OD/TP

growing by 11.2%/6.7% (two-year CAGR of 6.4%/0.9%). The share of Motor segment

declined in the overall industry GWP by 296bp to 30.1% on a FY22 YTD basis. Among

key players, ILOM/New India declined by 9.7%/2.2% in the Motor OD segment v/s

growth for all other large players. Even in the Motor TP segment, ILOM/New India

lagged in terms of growth, with ILOM growing a mere 4.3% and New India declining

by 4.1% YoY.

Performance of key players

On an overall basis, private/public players lost 116bp/151bp, whereas SAHI stands

to gain 142bp of market share on a FY22 YTD basis.

New India leads in terms of market share at 16%, followed by Bajaj Allianz, United

India, and ILOM at 7.5%, 7.3%, and 6.9%, respectively.



ILOM

reported a growth of 4.3% YoY (10.5% YoY in FY22 YTD).



Bajaj Allianz

reported a growth of 11.4% YoY (18.2% YoY in FY22 YTD).



New India

reported a growth of 30.6% YoY (23% YoY in FY22 YTD).



Star Heath

reported a growth of 16% YoY (31.4% YoY in FY22 YTD).

Prayesh Jain – Research analyst

(Prayesh.Jain@MotilalOswal.com)

Research analyst: Urmila Bohra

(urmila.bohra@motilaloswal.com)

23 September 2021

advised to refer through important disclosures made at the last page of the Research Report.

Investors are

Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Sector Update | Financials

Exhibit 1:

Overall premium growth and market share

INR m

ACKO General

Bajaj Allianz

Bharti AXA

Cholamandalam MS

Edelweiss

Future Generali

Go Digit

HDFC ERGO

Navi General

ILOM

IFFCO-Tokio

Kotak Mahindra

Liberty General

Magma HDI

Raheja QBE

Reliance General

Royal Sundaram

SBI General

Shriram General

Tata-AIG

Universal Sompo

Private players

United India

National

New India

Oriental

Public players

Aditya Birla

ManipalCigna

Max Bupa

Care Insurance

Star Health

SAHI

AIC (Crop)

ECGC (Export and Credit)

Specialized PSU

Industry

Aug’21

841

13,374

3,283

4,137

458

3,604

3,276

13,412

100

10,549

9,982

518

1,185

1,197

333

7,314

2,395

14,110

1,387

6,953

3,779

1,02,184

12,996

9,833

22,798

8,674

54,301

1,151

737

2,092

3,113

9,043

16,135

45,470

626

46,096

2,18,716

Aug’20

293

12,007

3,516

3,574

313

3,477

2,052

11,237

122

10,117

10,229

425

1,077

981

174

6,253

2,112

7,188

1,802

6,072

3,301

86,319

12,313

9,126

17,451

8,020

46,909

942

613

1,306

2,143

7,794

12,797

29,527

706

30,233

1,76,258

YoY

187.5%

11.4%

-6.6%

15.8%

46.5%

3.6%

59.6%

19.4%

-18.3%

4.3%

-2.4%

21.9%

10.0%

22.1%

91.2%

17.0%

13.4%

96.3%

-23.0%

14.5%

18.4%

5.5%

7.8%

30.6%

8.2%

15.8%

22.2%

20.1%

60.2%

45.3%

16.0%

26.1%

54.0%

-11.3%

52.5%

24.1%

GWP

FY22 YTD

3,251

64,684

11,227

17,165

1,305

13,991

14,157

46,837

267

59,696

36,274

2,210

5,776

5,694

1,602

34,863

11,330

30,972

6,192

35,516

10,528

4,13,537

63,500

52,020

1,38,492

51,744

3,05,756

6,081

3,622

10,178

13,615

42,394

75,890

66,100

3,507

69,607

8,64,789

FY21 YTD

1,112

54,710

11,624

15,741

818

12,488

10,462

39,520

303

54,029

34,078

1,892

5,448

4,195

707

31,086

10,014

26,070

8,134

30,857

8,999

3,62,288

66,332

48,215

1,12,553

45,595

2,72,695

4,402

2,681

5,780

9,274

32,268

54,405

46,812

3,483

50,295

7,39,682

Market share

YoY

FY22 YTD

FY21 YTD

YoY bp

192.5%

0.4%

0.2%

18.2%

7.5%

7.4%

-3.4%

1.3%

1.6%

-27

9.0%

2.0%

2.1%

-14

59.5%

0.2%

0.1%

12.0%

1.6%

1.7%

-7

35.3%

1.6%

1.4%

18.5%

5.4%

5.3%

-11.7%

0.0%

-1

10.5%

6.9%

7.3%

-40

6.4%

4.2%

4.6%

-41

16.8%

0.3%

6.0%

0.7%

-7

35.7%

0.7%

0.6%

126.4%

0.2%

0.1%

12.2%

4.0%

4.2%

-17

13.1%

1.3%

1.4%

-4

18.8%

3.6%

3.5%

-23.9%

0.7%

1.1%

-38

15.1%

4.1%

4.2%

-6

17.0%

1.2%

14.1%

47.8%

49.0%

-116

-4.3%

7.3%

9.0%

-162

7.9%

6.0%

6.5%

-50

23.0%

16.0%

15.2%

13.5%

6.0%

6.2%

-18

12.1%

35.4%

36.9%

-151

38.1%

0.7%

0.6%

35.1%

0.4%

76.1%

1.2%

0.8%

46.8%

1.6%

1.3%

31.4%

4.9%

4.4%

39.5%

8.8%

7.4%

142

41.2%

7.6%

6.3%

131

0.7%

0.4%

0.5%

-7

38.4%

8.0%

6.8%

125

16.9%

100.0%

Source: General Council of India, MOFSL

Product Mix

FY22 YTD

FY21 YTD

YoY bp

12.5%

13.9%

-146

2.1%

1.9%

27.1%

30.1%

-296

10.9%

11.7%

-77

16.2%

18.4%

-219

34.9%

31.0%

395

13.5%

13.0%

17.3%

16.1%

123

3.9%

1.7%

219

0.1%

13.5%

13.8%

-28

16.2%

16.7%

-52

100.0%

Source: General Council of India, MOFSL

Exhibit 2:

Industry segmental performance and product mix

INR m

Fire

Marine total

Motor total

Motor OD

Motor TP

Health total

Health Retail

Health Group

Govt. schemes

Overseas

Crop

Others

Total

Aug’21

12,309

2,903

56,487

23,297

33,190

55,860

25,363

25,204

4,918

376

74,500

3,96,157

2,18,716

Aug’20

11,763

2,094

52,044

20,947

31,097

44,879

22,243

18,398

4,032

206

53,062

3,16,574

1,76,258

YoY

4.6%

38.6%

8.5%

11.2%

6.7%

24.5%

14.0%

37.0%

22.0%

82.2%

40.4%

25.1%

24.1%

FY22 YTD

1,07,797

17,827

2,34,593

94,604

1,39,990

3,01,923

1,17,052

1,49,737

33,980

1,154

1,16,712

1,40,172

8,64,789

GWP

FY21 YTD

1,03,018

13,738

2,22,537

86,626

1,35,911

2,29,034

96,456

1,18,966

12,858

754

1,01,893

1,23,708

7,39,682

YoY

4.6%

29.8%

5.4%

9.2%

3.0%

31.8%

21.4%

25.9%

164.3%

53.1%

14.5%

13.3%

16.9%

23 September 2021

Sector Update | Financials

Exhibit 3:

Motor OD premium growth and market share

INR m

ACKO General

Bajaj Allianz

Bharti AXA

Cholamandalam MS

Edelweiss

Future Generali

Go Digit

HDFC ERGO

Navi General

ILOM

IFFCO-Tokio

Kotak Mahindra

Liberty General

Magma HDI

Raheja QBE

Reliance General

Royal Sundaram

SBI General

Shriram General

Tata-AIG

Universal Sompo

Private players

United India

National

New India

Oriental

Public players

Industry

Aug’21

123

1,782

691

1,086

664

624

1,314

2,643

1,546

150

458

333

182

1,362

941

935

294

1,905

595

17,730

1,193

1,479

2,179

716

5,567

23,297

Motor OD

Aug’20

YoY

1,614

589

867

504

435

1,244

2,926

1,441

120

455

233

1,018

864

604

443

1,692

335

15,603

1,156

1,160

2,229

800

5,345

20,947

86.8%

10.4%

17.4%

25.2%

90.2%

31.6%

43.3%

5.6%

-54.1%

-9.7%

7.3%

24.8%

0.8%

42.9%

123.2%

33.8%

8.9%

54.8%

-33.7%

12.6%

77.3%

13.6%

3.2%

27.6%

-2.2%

-10.6%

4.2%

11.2%

FY22 YTD

475

7,360

2,590

4,295

383

2,781

2,486

5,476

11,023

6,134

569

1,841

1,322

798

5,473

3,707

3,675

1,335

7,738

2,124

71,622

5,023

5,644

9,151

3,165

22,982

94,604

FY21 YTD

229

6,542

2,273

3,458

205

2,160

1,547

4,921

11,613

5,980

503

1,726

853

272

4,007

3,607

2,306

1,882

6,839

1,556

62,541

5,277

5,521

9,716

3,571

24,085

86,626

YoY

107.2%

12.5%

14.0%

24.2%

87.1%

28.8%

60.7%

11.3%

-40.2%

-5.1%

2.6%

13.1%

6.6%

54.9%

193.3%

36.6%

2.8%

59.4%

-29.1%

13.1%

36.5%

14.5%

-4.8%

2.2%

-5.8%

-11.4%

-4.6%

9.2%

Market share

FY22 YTD FY21 YTD

0.5%

7.8%

2.7%

4.5%

0.4%

2.9%

2.6%

5.8%

0.0%

11.7%

6.5%

0.6%

1.9%

1.4%

0.8%

5.8%

3.9%

1.4%

8.2%

2.2%

75.7%

5.3%

6.0%

9.7%

3.3%

24.3%

100.0%

0.3%

7.6%

2.6%

4.0%

0.2%

2.5%

1.8%

5.7%

0.1%

13.4%

6.9%

0.6%

2.0%

1.0%

0.3%

4.6%

4.2%

2.7%

2.2%

7.9%

1.8%

72.2%

6.1%

6.4%

11.2%

4.1%

27.8%

100.0%

YoY bp

-3

-175

-42

-5

116

-25

122

-76

351

-78

-41

-154

-78

-351

Source: General Council of India, MOFSL

23 September 2021

Sector Update | Financials

Exhibit 4:

Motor TP premium growth and market share

INR m

ACKO General

Bajaj Allianz

Bharti AXA

Cholamandalam MS

Edelweiss

Future Generali

Go Digit

HDFC ERGO

Navi General

ILOM

IFFCO–Tokio

Kotak Mahindra

Liberty General

Magma HDI

Raheja QBE

Reliance General

Royal Sundaram

SBI General

Shriram General

Tata-AIG

Universal Sompo

Private players

United India

National

New India

Oriental

Public players

Industry

Aug’21

300

2,236

430

1,868

789

1,309

1,684

2,423

1,680

100

383

689

1,798

834

1,060

987

2,142

343

21,228

3,272

2,281

4,453

1,957

11,962

33,190

Motor TP

Aug’20

YoY

135

1,996

366

1,602

513

1,224

1,425

2,324

1,447

297

517

1,675

660

824

1,303

1,928

285

18,715

3,296

2,464

4,643

1,980

12,383

31,097

122.2%

12.0%

17.5%

16.6%

109.5%

53.8%

6.9%

18.2%

13.4%

4.3%

16.1%

8.1%

28.8%

33.2%

100.3%

7.3%

26.3%

28.7%

-24.3%

11.1%

20.2%

13.4%

-0.7%

-7.4%

-4.1%

-1.2%

-3.4%

6.7%

FY22 YTD

1,147

9,212

1,858

7,436

210

3,097

5,378

6,722

103

10,791

6,493

444

1,512

2,807

378

6,861

3,333

3,968

4,414

8,892

1,362

86,418

14,228

11,582

19,298

8,464

53,572

1,39,990

FY21 YTD

506

8,562

1,635

7,022

112

2,177

4,800

5,729

101

10,155

6,282

419

1,278

2,257

129

7,452

2,653

2,436

5,965

7,747

1,366

78,783

15,300

11,601

21,165

9,062

57,128

1,35,911

YoY

126.5%

7.6%

13.7%

5.9%

87.8%

42.2%

12.0%

17.3%

2.0%

6.3%

3.4%

6.1%

18.3%

24.4%

193.1%

-7.9%

25.6%

62.9%

-26.0%

14.8%

-0.2%

9.7%

-7.0%

-0.2%

-8.8%

-6.6%

-6.2%

3.0%

Market share

FY22 YTD

FY21 YTD

0.8%

6.6%

1.3%

5.3%

0.1%

2.2%

3.8%

4.8%

0.1%

7.7%

4.6%

0.3%

1.1%

2.0%

0.3%

4.9%

2.4%

2.8%

3.2%

6.4%

1.0%

61.7%

10.2%

8.3%

13.8%

6.0%

38.3%

100.0%

0.4%

6.3%

1.2%

5.2%

0.1%

1.6%

3.5%

4.2%

0.1%

7.5%

4.6%

0.3%

0.9%

1.7%

0.1%

5.5%

2.0%

1.8%

4.4%

5.7%

1.0%

58.0%

11.3%

8.5%

15.6%

6.7%

42.0%

100.0%

YoY bp

-58

104

-124

-3

377

-109

-26

-179

-62

-377

Source: General Council of India, MOFSL

23 September 2021

Sector Update | Financials

Exhibit 5:

Growth in Motor premium and market share

INR m

ACKO General

Bajaj Allianz

Bharti AXA

Cholamandalam MS

Edelweiss

Future Generali

Go Digit

HDFC ERGO

Navi Genera

ILOM

IFFCO–Tokio

Kotak Mahindra

Liberty General

Magma HDI

Raheja QBE

Reliance General

Royal Sundaram

SBI General

Shriram General

Tata-AIG

Universal Sompo

Private players

United India

National

New India

Oriental

Public players

Industry

Aug’21

423

4,018

1,121

2,954

151

1,453

1,933

2,998

5,066

3,226

250

841

1,021

259

3,159

1,775

1,996

1,280

4,047

937

38,958

4,464

3,760

6,632

2,672

17,529

56,487

Motor Total

Aug’20

YoY

201

3,610

955

2,469

1,018

1,660

2,669

5,250

2,888

213

752

750

120

2,693

1,524

1,428

1,746

3,620

620

34,317

4,452

3,624

6,872

2,780

17,727

52,044

110.6%

11.3%

17.4%

19.6%

97.1%

42.8%

16.5%

12.3%

-13.1%

-3.5%

11.7%

17.5%

11.9%

36.2%

115.8%

17.3%

16.5%

39.8%

-26.7%

11.8%

51.1%

13.5%

0.3%

3.8%

-3.5%

-3.9%

-1.1%

8.5%

FY22 YTD

1,622

16,572

4,448

11,731

593

5,878

7,864

12,198

142

21,814

12,627

1,013

3,353

4,129

1,175

12,334

7,040

7,643

5,749

16,630

3,486

1,58,040

19,251

17,226

28,448

11,629

76,554

2,34,593

FY21 YTD

735

15,104

3,908

10,479

317

4,337

6,347

10,650

166

21,768

12,262

922

3,004

3,110

401

11,458

6,260

4,741

7,847

14,587

2,921

1,41,324

20,578

17,122

30,881

12,633

81,213

2,22,537

YoY

120.5%

9.7%

13.8%

11.9%

87.3%

35.5%

23.9%

14.5%

-14.4%

0.2%

3.0%

9.9%

11.6%

32.8%

193.2%

7.6%

12.5%

61.2%

-26.7%

14.0%

19.3%

11.8%

-6.4%

0.6%

-7.9%

-5.7%

5.4%

Market share

FY22 YTD

FY21 YTD

0.7%

7.1%

1.9%

5.0%

0.3%

2.5%

3.4%

5.2%

0.1%

9.3%

5.4%

0.4%

1.4%

1.8%

0.5%

5.3%

3.0%

3.3%

2.5%

7.1%

1.5%

67.4%

8.2%

7.3%

12.1%

5.0%

32.6%

100.0%

0.3%

6.8%

1.8%

4.7%

0.1%

1.9%

2.9%

4.8%

0.1%

9.8%

5.5%

0.4%

1.3%

1.4%

0.2%

5.1%

2.8%

2.1%

3.5%

6.6%

1.3%

63.5%

9.2%

7.7%

13.9%

5.7%

36.5%

100.0%

YoY bp

-1

-48

-13

113

-108

386

-104

-35

-175

-72

-386

Source: General Council of India, MOFSL

23 September 2021

Sector Update | Financials

Exhibit 6:

Growth in Health premium and market share

Overall Health

INR m

ACKO General

Bajaj Allianz

Bharti AXA

Cholamandalam

Edelweiss

Future Generali

Go Digit

HDFC ERGO

Navi General

ILOM

IFFCO–Tokio

Kotak Mahindra

Liberty General

Magma HDI

Raheja QBE

Reliance General

Royal Sundaram

SBI General

Shriram General

Tata-AIG

Universal Sompo

Private players

United India

National

New India

Oriental

Public players

Aditya Birla

ManipalCigna

Max Bupa

Care Insurance

Star Health

SAHI

Industry

Aug’21

358

1,587

288

393

292

395

425

3,072

2,589

2,175

182

161

732

358

2,498

1,223

180

17,034

5,747

4,513

8,914

4,049

23,223

1,044

728

2,057

2,852

8,922

15,603

55,860

Aug’20

1,525

325

454

218

393

150

2,863

2,331

3,359

152

149

496

307

771

934

184

14,781

5,057

3,783

5,750

3,134

17,724

863

606

1,253

1,961

7,691

12,375

44,879

YoY

550.9%

4.0%

-11.4%

-13.6%

33.8%

0.6%

182.6%

7.3%

-2.5%

11.1%

-35.2%

19.5%

8.1%

2.8%

500.0%

47.8%

16.4%

223.8%

1011.1%

30.9%

-2.1%

15.2%

13.7%

19.3%

55.0%

29.2%

31.0%

21.0%

20.1%

64.1%

45.4%

16.0%

26.1%

24.5%

FY22 YTD

1,414

16,579

1,415

1,651

581

2,044

2,596

15,137

14,086

8,730

846

1,035

408

5,397

1,714

5,958

5,199

1,476

86,389

27,075

22,738

67,626

24,573

1,42,012

5,504

3,569

9,986

12,607

41,856

73,523

3,01,923

FY21 YTD

263

7,652

1,780

1,988

423

1,505

1,277

13,091

12,162

8,294

713

1,150

321

5,689

1,501

4,520

4,253

1,217

67,852

26,130

18,851

45,744

17,569

1,08,294

4,090

2,655

5,624

8,697

31,823

52,889

2,29,035

YoY

438.4%

116.7%

-20.5%

-17.0%

37.5%

35.8%

103.3%

15.6%

28.7%

15.8%

5.3%

18.6%

-10.1%

27.0%

420.0%

-5.1%

14.2%

31.8%

1573.1%

22.2%

21.3%

27.3%

3.6%

20.6%

47.8%

39.9%

31.1%

34.6%

34.4%

77.6%

45.0%

31.5%

39.0%

31.8%

Market share

FY22 YTD

0.5%

5.5%

0.5%

0.2%

0.7%

0.9%

5.0%

0.0%

4.7%

2.9%

0.3%

0.1%

0.0%

1.8%

0.6%

2.0%

0.0%

1.7%

0.5%

28.6%

9.0%

7.5%

22.4%

8.1%

47.0%

1.8%

1.2%

3.3%

4.2%

13.9%

24.4%

100.0%

FY21 YTD

0.1%

3.3%

0.8%

0.9%

0.2%

0.7%

0.6%

5.7%

0.0%

5.3%

3.6%

0.3%

0.5%

0.1%

0.0%

2.5%

0.7%

2.0%

0.0%

1.9%

0.5%

29.6%

11.4%

8.2%

20.0%

7.7%

47.3%

1.8%

1.2%

2.5%

3.8%

13.9%

23.1%

100.0%

YoY bp

215

-31

-32

-70

-64

-73

-3

-16

-1

-70

-9

-13

-4

-101

-244

-70

243

-25

-3

126

Source: General Council of India, MOFSL

23 September 2021

Sector Update | Financials

Exhibit 7:

Growth in Retail Health premium and market share

INR m

ACKO General

Bajaj Allianz

Bharti AXA

Cholamandalam MS

Edelweiss

Future Generali

Go Digit

HDFC ERGO

Navi General

ILOM

IFFCO–Tokio

Kotak Mahindra

Liberty General

Magma HDI

Raheja QBE

Reliance General

Royal Sundaram

SBI General

Shriram General

Tata-AIG

Universal Sompo

Private players

United India

National

New India

Oriental

Public players

Aditya Birla

ManipalCigna

Max Bupa

Care Insurance

Star Health

SAHI

Industry

Aug’21

664

273

115

2,339

698

157

132

170

358

364

101

5,563

1,104

1,825

2,113

1,367

6,409

488

387

1,588

1,643

9,285

13,391

25,363

Retail Health

Aug’20

YoY

751

272

239

2,189

606

209

127

169

318

247

118

5,446

1,068

1,657

2,146

1,984

6,855

438

339

1,023

1,304

6,839

9,943

22,243

0.0%

-11.7%

16.1%

0.4%

-77.8%

-52.1%

127.3%

6.9%

0.0%

15.1%

-25.2%

-3.6%

7.6%

-35.6%

233.3%

3.9%

0.8%

12.3%

1011.1%

47.5%

-14.3%

2.1%

3.4%

10.2%

-1.5%

-31.1%

-6.5%

11.5%

14.3%

55.2%

25.9%

35.8%

34.7%

14.0%

FY22 YTD

3,432

1,067

563

108

11,209

3,356

804

370

171

116

683

864

1,309

1,746

505

26,494

5,468

9,018

10,897

7,174

32,557

2,627

1,769

7,916

7,866

37,823

58,001

1,17,052

FY21 YTD

3,095

1,098

668

9,935

2,772

807

373

159

169

598

814

1,192

1,181

464

23,539

5,208

7,403

10,115

7,446

30,173

2,203

1,535

4,789

5,941

28,277

42,744

96,456

YoY

0.0%

10.9%

25.3%

-2.8%

-64.9%

-15.7%

177.6%

12.8%

0.0%

21.1%

-0.4%

-0.9%

7.2%

-31.3%

77.5%

14.3%

6.1%

9.8%

1640.0%

47.8%

8.9%

12.6%

5.0%

21.8%

7.7%

-3.7%

7.9%

19.3%

15.3%

65.3%

32.4%

33.8%

35.7%

21.4%

Market share

FY22 YTD

FY21 YTD

0.0%

2.9%

0.1%

0.9%

0.0%

0.5%

0.1%

9.6%

0.0%

2.9%

0.7%

0.3%

0.1%

0.0%

0.6%

0.7%

1.1%

0.0%

1.5%

0.4%

22.6%

4.7%

7.7%

9.3%

6.1%

27.8%

2.2%

1.5%

6.8%

6.7%

32.3%

49.6%

100.0%

0.0%

3.2%

0.1%

1.1%

0.1%

0.7%

0.0%

10.3%

0.0%

2.9%

0.8%

0.4%

0.2%

0.0%

0.6%

0.8%

1.2%

0.0%

1.2%

0.5%

24.4%

5.4%

7.7%

10.5%

7.7%

31.3%

2.3%

1.6%

5.0%

6.2%

29.3%

44.3%

100.0%

YoY bp

-28

-23

-7

-21

-72

-1

-15

-7

-2

-8

-4

-11

-12

-5

-177

-73

-118

-159

-347

-4

-8

180

300

524

Source: General Council of India, MOFSL

23 September 2021

Sector Update | Financials

Exhibit 8:

Growth in Group Health premium and market share

INR m

ACKO General

Bajaj Allianz

Bharti AXA

Cholamandalam MS

Edelweiss

Future Generali

Go Digit

HDFC ERGO

Navi General

ILOM

IFFCO-Tokio

Kotak Mahindra

Liberty General

Magma HDI

Raheja QBE

Reliance General

Royal Sundaram

SBI General

Shriram General

Tata-AIG

Universal Sompo

Private players

United India

National

New India

Oriental

Public players

Aditya Birla

ManipalCigna

Max Bupa

Care Insurance

Star Health

SAHI

Industry

Aug’21

356

856

238

120

280

279

404

724

1,818

2,006

107

115

573

186

706

768

9,700

2,333

2,046

6,797

2,157

13,333

555

337

469

1,174

-363

2,172

25,204

Group Health

Aug’20

YoY

749

298

182

190

154

141

671

1,678

1,571

113

330

138

453

624

7,537

2,180

1,509

3,599

1,148

8,435

425

263

228

635

852

2,402

18,374

546.7%

14.3%

-20.3%

-34.4%

47.3%

81.9%

185.4%

7.8%

0.0%

8.3%

27.7%

43.4%

1.8%

35.2%

0.0%

73.8%

34.9%

56.1%

0.0%

23.0%

19.8%

28.7%

7.0%

35.6%

88.8%

88.0%

58.1%

30.8%

27.8%

106.0%

85.0%

-142.6%

-9.6%

37.2%

FY22 YTD

1,404

5,451

1,227

584

535

1,476

2,484

3,901

10,523

6,662

476

815

292

3,490

846

3,214

3,108

972

47,523

14,648

12,388

45,755

14,030

86,821

2,877

1,784

2,070

4,629

4,033

15,392

1,49,737

FY21 YTD

263

4,530

1,693

889

326

832

1,237

3,123

9,272

5,650

340

967

152

3,261

684

3,328

2,783

754

40,083

12,852

10,231

35,615

10,099

68,797

1,887

1,114

822

2,678

3,540

10,041

1,18,921

YoY

434.7%

20.3%

-27.5%

-34.3%

64.2%

77.4%

100.8%

24.9%

0.0%

13.5%

17.9%

40.0%

-15.7%

91.7%

0.0%

7.0%

23.6%

-3.4%

0.0%

11.7%

28.9%

18.6%

14.0%

21.1%

28.5%

38.9%

26.2%

52.4%

60.2%

151.8%

72.8%

13.9%

53.3%

25.9%

Market share

FY22 YTD FY21 YTD

0.9%

3.6%

0.8%

0.4%

1.0%

1.7%

2.6%

0.0%

7.0%

4.4%

0.3%

0.5%

0.2%

0.0%

2.3%

0.6%

2.1%

0.0%

2.1%

0.6%

31.7%

9.8%

8.3%

30.6%

9.4%

58.0%

1.9%

1.2%

1.4%

3.1%

2.7%

10.3%

100.0%

0.2%

3.8%

1.4%

0.7%

0.3%

0.7%

1.0%

2.6%

0.0%

7.8%

4.8%

0.3%

0.8%

0.1%

0.0%

2.7%

0.6%

2.8%

0.0%

2.3%

0.6%

33.7%

10.8%

8.6%

29.9%

8.5%

57.9%

1.6%

0.9%

0.7%

2.3%

3.0%

8.4%

100.0%

YoY bp

-17

-60

-36

-2

-77

-30

-27

-41

-1

-65

-26

-197

-102

-33

-28

184

Source: General Council of India, MOFSL

23 September 2021

Sector Update | Financials

Disclosures:

The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).

Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the

Regulations, is engaged in the business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial

products. MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the details in respect of which are

available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a

registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and

National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National

Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance

Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products. Details of associate entities of Motilal Oswal Financial Services Limited are

available on the website at http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf

Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website

at https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx

MOFSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOFSL and/or its associates and/or Research Analyst may have

actual/beneficial ownership of 1% or more securities in the subject company in the past 12 months. MOFSL and its associate company(ies), their directors and Research Analyst

and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein.

(b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the

company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any

recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the

recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some

of the stocks mentioned in the research report. Research Analyst may have served as director/officer, etc. in the subject company in the past 12 months. MOFSL and/or its

associates may have received any compensation from the subject company in the past 12 months.

In the past 12 months , MOFSL or any of its associates may have:

a) managed or co-managed public offering of securities from subject company of this research report,

b) received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,

c) received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.

d) Subject Company may have been a client of MOFSL or its associates in the past 12 months.

MOFSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report. To enhance

transparency, MOFSL has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the

report. MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report

should be aware that MOFSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific

merchant banking, investment banking or brokerage service transactions. Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for

proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client

securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures. Above disclosures include beneficial holdings

lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts which are opened in

name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above

disclosures.

Terms & Conditions:

This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and

may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent

of MOFSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in

nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty,

representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The

report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial

instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as

customers by virtue of their receiving this report.

Analyst Certification

The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the

research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.

Disclosure of Interest Statement

Companies where there is interest

Analyst ownership of the stock

A graph of daily closing prices of securities is available at www.nseindia.com, www.bseindia.com. Research Analyst views on Subject Company may vary based on Fundamental

research and Technical Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated

from MOFSL research activity and therefore it can have an independent view with regards to subject company for which Research Team have expressed their views.

Regional Disclosures (outside India)

This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability

or use would be contrary to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.

For Hong Kong:

This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong

Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst

Regulations) 2014 Motilal Oswal Financial Services Limited(SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for

distribution of research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or

investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or

solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this

report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.

23 September 2021

Sector Update | Financials

For U.S:

Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under

applicable state laws in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers

Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any

brokerage and investment services provided by MOFSL, including the products and services described herein are not available to or intended for U.S. persons. This report is

intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as

"major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which

this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration

provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange

Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-

dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this

chaperoning agreement.

The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S.

registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public

appearances and trading securities held by a research analyst account.

For Singapore:

In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets

services license and an exempt financial adviser in Singapore,

as per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and Paragraph 11 of First Schedule of Financial Advisors Act (CAP

110) provided to MOCMSPL by Monetary Authority of Singapore. Persons in Singapore should contact MOCMSPL in respect of any matter arising from, or in connection with this

report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”, of which some of whom may consist of "accredited" institutional

investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the SFA”). Accordingly, if a Singapore person is not or ceases to be such an

institutional investor, such Singapore Person must immediately discontinue any use of this Report and inform MOCMSPL.

Disclaimer:

The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied

or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for

informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing

in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances.

The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment

objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this

document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this

document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views

expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade

securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of

the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and

should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make

modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from

time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to

perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a

separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of

information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or

may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on,

directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or

entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,

regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in

all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost

revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt MOFSL or any of its

affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such

misuse and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person

accessing this information due to any errors and delays.

Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;

Website www.motilaloswal.com.

CIN No.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad(West), Mumbai- 400 064. Tel

No: 022 7188 1000.

Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:

INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579 ;PMS:INP000006712. Motilal Oswal Asset Management Company

Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth

Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is

a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt.

Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.

Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no

assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance

Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.

* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National

Company Law Tribunal, Mumbai Bench.

23 September 2021