General Insurance
I
nsurance
T
racker
Premium growth driven by the Health & Motor OD segments
Marine business subdued in Feb’24
Indian
15 March 2024
The industry's gross written premium (GWP) increased 13% YoY to INR224b in Feb’24.
This was led by the Motor OD segment, which grew 16.4% YoY, while the overall
Health segment rose 16.0% YoY. In Feb’24, the Fire and Crop segments reported
muted YoY growth of 7.2% and 5.5%; whereas the Government schemes and Marine
segment posted a YoY decline of 9.3% and 2.8%, respectively.
During the month, PSU players posted a 10% YoY growth in GWP (INR64.2b), which
was lower than the industry. Conversely, SAHIs outperformed industry growth and
reported a GWP of INR30b, up 29% YoY. The private multi-line players recorded a 12%
YoY growth in GWP (INR118.6b), which was a tad below the industry growth.
Among key players, ICICIGI and Bajaj Allianz reported strong growth of 39% and 25%
YoY, respectively. STARHEAL also clocked a GWP growth of 19% YoY. HDFC Ergo posted a
muted GWP growth of 5%, whereas GWP for National India was flat YoY in Feb’24.
Health business up 16% YoY fueled by higher growth in Retail Health
Premiums and YoY growth (%)
GWP, INRb
Grand Total
Total Public
Total Private
SAHI
Bajaj Allianz
ICICI -Lombard
New India
Feb-24
224
64
119
30
YoY
13%
10%
12%
29%
13
19
24
39%
39%
4%
The Health business jumped 16% YoY, with Retail segment reporting 21% YoY
growth and Group Health posting 15% YoY growth. The overseas Health segment
rose 14% YoY, whereas the government Health segment declined 9.3% YoY. Within
the overall Health segment, SAHIs/Private multi-line players reported 30%/15% YoY
growth. Within SAHIs, STARHEAL clocked a 19% YoY growth with 17%/61% YoY
growth in Retail/Group segments. Within Retail Health and Group, Aditya Birla
Health surged 49% YoY and 76% YoY, respectively. ILOM posted a strong growth of
26% YoY in Retail Health and 32% YoY in Group Health. Bajaj Allianz clocked a strong
42% YoY growth in Group Health. The PSU multi-line players posted 14% YoY growth
in Retail Health, whereas the Group Health segment reported a muted growth of 5%
YoY. The Group Health business for New India declined 5% YoY in Feb’24.
Motor segment clocks a steady YoY growth of 10%
Star Health
14
19%
Source: General Insurance Council ,
MOFSL
The Motor business grew 10% YoY, mainly driven by healthy growth in the Motor OD
segment (up 16.4% YoY). Motor TP saw a muted growth of 7% YoY in Feb’24. Private
multi-line players outperformed PSU players in both the Motor OD segment (up 22%
YoY) and the Motor TP segment (up 7% YoY). ILOM reported 20% YoY growth in the
Motor OD segment, whereas the Motor TP segment surged 220% YoY (due to a one-
off transfer of business to another insurance company in Feb’23). Bajaj Allianz posted
flattish growth in the Motor TP and Motor OD segments. Acko General posted a
strong 55%/29% YoY growth in the Motor OD/Motor TP segments. HDFC Ergo clocked
a strong growth of 70%/27% in the Motor OD/Motor TP segments.
YTD performances of key players
SAHIs/private multi-line players gained ~115bp/~230bp market share during Feb’24,
while PSU players lost ~115bp share during the month.
ILOM
reported a growth of 39% YoY (market share of 8.7% vs. 8.4%).
Bajaj Allianz
reported a growth of 39% YoY (market share of 7.2% vs. 6.1%).
New India
reported a growth of 4% YoY (market share of 13.0% vs. 13.6%).
STARHEAL
registered a growth of 19% YoY (market share of 5.0% vs. 4.8%).
Prayesh Jain - Research Analyst
(Prayesh.Jain@MotilalOswal.com) |
Nitin Aggarwal
(Nitin.Aggarwal@MotilalOswal.com)
Research Analyst: Nemin Doshi
(Nemin. Doshi@MotilalOswal.com) |
Muskan Chopra
(Muskan.Chopra@MotilalOswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are
15 March 2024
advised to refer through important disclosures made at the last page of the Research Report.
1
 Motilal Oswal Financial Services
Exhibit 1:
Overall premium growth and market share
GWP
INRb
Acko General
Bajaj Allianz
Cholamandalam MS
Zuno
Future Generali
Go Digit
HDFC ERGO
Navi General *
ICICI -Lombard
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
Niva Bupa
Care Insurance
Star Health
SAHI
AIC (Crop)
ECGC (Export & Credit)
Specialized PSU
Industry
Feb-24
1.5
12.9
6.6
0.7
4.2
6.1
15.5
0.1
18.5
6.3
1.6
1.8
3.0
0.4
7.3
3.0
12.1
2.8
11.8
2.5
118.6
16.3
9.3
24.2
14.4
64.2
3.0
1.5
5.0
6.3
14.1
30.0
9.8
1.2
10.9
224
Feb-23
1.2
9.3
5.9
0.4
3.8
4.6
14.8
0.0
13.4
8.3
1.1
1.7
1.9
0.1
6.8
2.7
14.0
2.2
11.3
2.3
105.6
13.0
9.3
23.2
12.6
58.2
1.8
1.2
3.7
4.6
11.9
23.2
10.8
1.0
11.7
199
YoY
25%
39%
13%
92%
9%
32%
5%
83%
39%
-24%
49%
1%
56%
150%
8%
13%
-14%
29%
5%
10%
12%
25%
0%
4%
14%
10%
66%
26%
35%
37%
19%
29%
-9%
22%
-7%
13%
YTDFY24
16.9
188.1
68.5
7.5
44.7
72.6
164.6
0.6
229.4
91.3
14.0
20.0
27.6
2.3
107.8
33.1
113.3
27.2
136.9
43.5
1,409.9
179.4
137.3
341.3
166.8
824.8
31.8
15.0
49.0
61.1
131.1
288.0
91.8
11.1
102.8
2,626
YTDFY23
13.4
142.2
55.7
4.9
40.2
54.9
146.7
0.7
194.7
88.8
9.9
17.8
23.4
3.7
95.4
30.4
96.1
20.1
118.0
38.8
1,195.6
161.2
136.6
315.8
143.8
757.4
23.7
11.9
35.2
46.0
111.3
228.1
135.2
10.2
145.4
2,326
YoY
26%
32%
23%
53%
11%
32%
12%
-9%
18%
3%
42%
12%
18%
-38%
13%
9%
18%
35%
16%
12%
18%
11%
1%
8%
16%
9%
34%
25.8%
39.2%
32.8%
17.8%
26.2%
-32.1%
7.9%
-29.3%
13%
YTDFY24
0.6%
7.2%
2.6%
0.3%
1.7%
2.8%
6.3%
0.0%
8.7%
3.5%
0.5%
0.8%
1.1%
0.1%
4.1%
1.3%
4.3%
1.0%
5.2%
1.7%
53.7%
6.8%
5.2%
13.0%
6.4%
31.4%
1.2%
0.6%
1.9%
2.3%
5.0%
11.0%
3.5%
0.4%
3.9%
100.0%
Market share
YTDFY23
0.6%
6.1%
2.4%
0.2%
1.7%
2.4%
6.3%
0.0%
8.4%
3.8%
0.4%
0.8%
1.0%
0.2%
4.1%
1.3%
4.1%
0.9%
5.1%
1.7%
51.4%
6.9%
5.9%
13.6%
6.2%
32.6%
1.0%
0.5%
1.5%
2.0%
4.8%
9.8%
5.8%
0.4%
6.2%
100.0%
YoY bps
7
105
22
8
-3
40
-4
-1
37
-34
11
0
5
-7
1
-4
19
17
14
-1
231
-9
-64
-57
17
-114
19
6
35
35
21
116
-231
-2
-233
0
Source: General Council of India, MOFSL
15 March 2024
2
 Motilal Oswal Financial Services
Exhibit 2:
Industry – segmental performance and product mix
GWP
INRb
Fire
Marine Total
Motor Total
Motor OD
Motor TP
Health Total
Health Retail
Health Group
Govt Schemes
Overseas
Crop
Others
Total
Feb-24
14.9
3.4
82.7
32.8
49.8
79.3
39.2
35.3
4.0
0.7
23.3
20.1
223.8
Feb-23
13.9
3.5
75.0
28.2
46.8
68.3
32.5
30.8
4.4
0.6
22.1
15.9
198.7
YoY
7.2%
-2.8%
10.3%
16.4%
6.6%
16.0%
20.7%
14.8%
-9.3%
14.4%
5.5%
26.7%
12.6%
YTDFY24
240.6
46.5
827.7
338.1
489.6
987.2
365.8
508.4
101.8
11.1
278.8
250.2
2,630.8
YTDFY23
222.4
46.9
728.6
285.8
442.8
820.0
306.8
422.7
81.5
9.0
293.7
214.9
2,326.5
YoY
8.2%
-1.0%
13.6%
18.3%
10.6%
20.4%
19.2%
20.3%
25.0%
23.3%
-5.1%
16.4%
13.1%
YTDFY24
9.1%
1.8%
31.5%
12.8%
18.6%
37.5%
13.9%
19.3%
3.9%
0.4%
10.6%
9.5%
Product Mix
YTDFY23
9.6%
2.0%
31.3%
12.3%
19.0%
35.2%
13.2%
18.2%
3.5%
0.4%
12.6%
9.2%
YoY bps
-42
-25
14
57
-42
228
72
116
37
3
-203
27
100.0%
100.0%
0
Source: General Council of India, MOFSL
Market share
Exhibit 3:
Growth in Motor OD premium and market share
Motor OD
INR m
Acko General
Bajaj Allianz
Cholamandalam MS
Zuno
Future Generali
Go Digit
HDFC ERGO
Navi General *
ICICI -Lombard
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
Feb-24
284
2,160
1,907
209
680
1,596
2,726
-
4,384
1,416
484
807
619
70
1,638
668
1,794
565
2,839
734
25,579
1,918
1,260
2,864
1,197
7,239
32,819
Feb-23
184
2,151
1,704
126
882
1,209
1,600
0
3,642
1,924
242
637
358
32
1,161
818
839
397
2,520
612
21,036
1,663
1,627
2,895
972
7,157
28,193
YoY
55%
0%
12%
66%
-23%
32%
70%
-100%
20%
-26%
100%
27%
73%
121%
41%
-18%
114%
42%
13%
20%
22%
15%
-23%
-1%
23%
1%
16%
YTDFY24
2,806
24,602
18,141
1853.1
7,260
17,725
23,354
4.3
42,543
20,412
3,726
8,644
5,168
410.5
16,302
8,954
14,680
5,504
30,174
8,681
2,60,944
18,622
14,657
32,499
11,337
77,115
3,38,059
YTDFY23
1,938
20,860
15,127
1,391
6,921
11,843
19,006
26
37,503
17,184
2,303
6,353
5,494
1,884
14,564
9,299
9,087
3,764
25,272
8,712
2,18,529
15,066
15,123
28,386
8,697
67,271
2,85,800
YoY
45%
18%
20%
33%
5%
50%
23%
-83%
13%
19%
62%
36%
-6%
-78%
12%
-4%
62%
46%
19%
0%
19%
24%
-3%
14%
30%
15%
YTDFY24
0.8%
7.3%
5.4%
0.5%
2.1%
5.2%
6.9%
0.0%
12.6%
6.0%
1.1%
2.6%
1.5%
0.1%
4.8%
2.6%
4.3%
1.6%
8.9%
2.6%
77.2%
5.5%
4.3%
9.6%
3.4%
22.8%
YTDFY23
0.7%
7.3%
5.3%
0.5%
2.4%
4.1%
6.6%
0.0%
13.1%
6.0%
0.8%
2.2%
1.9%
0.7%
5.1%
3.3%
3.2%
1.3%
8.8%
3.0%
76.5%
5.3%
5.3%
9.9%
3.0%
23.5%
YoY bps
15
-2
7
6
-27
110
26
-1
-54
3
30
33
-39
-54
-27
-60
116
31
8
-48
73
24
-96
-32
31
-73
18%
100.0%
100.0%
0
Source: General Council of India, MOFSL
3
15 March 2024
 Motilal Oswal Financial Services
Exhibit 4:
Growth in Motor TP premium and market share
Motor TP
INR m
Acko General
Bajaj Allianz
Cholamandalam MS
Zuno
Future Generali
Go Digit
HDFC ERGO
Navi General *
ICICI -Lombard
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
Feb-24
473
2,688
2,825
205
1,091
2,924
2,457
26
4,532
1,102
358
567
1,628
187
2,098
1,687
2,313
2,018
3,592
806
33,578
4,988
2,954
5,451
2,876
16,269
49,846
Feb-23
367
2,712
2,698
77
1,065
2,135
1,935
1
1,415
2,252
225
626
1,053
39
2,700
1,285
4,563
1,595
3,994
688
31,424
4,158
3,289
5,352
2,547
15,347
46,771
YoY
29%
-1%
5%
165%
2%
37%
27%
2092%
220%
-51%
59%
-9%
55%
382%
-22%
31%
-49%
27%
-10%
17%
7%
20%
-10%
2%
13%
6%
7%
YTDFY24
4,705
28,447
26,364
1684.6
7,912
31,912
24,767
84.7
43,589
20,329
2,840
5,818
13,167
1066.7
23,482
14,341
15,748
19,284
36,766
10,932
3,33,240
44,744
31,109
54,088
26,415
1,56,356
4,89,596
YTDFY23
4,039
26,637
24,055
1,374
8,012
22,791
23,308
248
39,583
19,866
2,193
6,129
11,617
796
22,284
12,776
16,057
14,737
33,270
7,996
2,97,769
38,593
30,347
52,357
23,735
1,45,031
4,42,800
YoY
16%
7%
10%
23%
-1%
40%
6%
-66%
10%
2%
30%
-5%
13%
34%
5%
12%
-2%
31%
11%
37%
12%
16%
3%
3%
11%
8%
11%
YTDFY24
1.0%
5.8%
5.4%
0.3%
1.6%
6.5%
5.1%
0.0%
8.9%
4.2%
0.6%
1.2%
2.7%
0.2%
4.8%
2.9%
3.2%
3.9%
7.5%
2.2%
68.1%
9.1%
6.4%
11.0%
5.4%
31.9%
100.0%
Market share
YTDFY23
0.9%
6.0%
5.4%
0.3%
1.8%
5.1%
5.3%
0.1%
8.9%
4.5%
0.5%
1.4%
2.6%
0.2%
5.0%
2.9%
3.6%
3.3%
7.5%
1.8%
67.2%
8.7%
6.9%
11.8%
5.4%
32.8%
100.0%
YoY bps
5
-21
-5
3
-19
137
-21
-4
-4
-33
8
-20
7
4
-24
4
-41
61
0
43
82
42
-50
-78
4
-82
0
Source: General Council of India, MOFSL
15 March 2024
4
 Motilal Oswal Financial Services
Exhibit 5:
Growth in Motor premium and market share
Motor Total
INR m
Acko General
Bajaj Allianz
Cholamandalam MS
Zuno
Future Generali
Go Digit
HDFC ERGO
Navi General *
ICICI -Lombard
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
Feb-24
757
4,848
4,732
414
1,771
4,519
5,183
26
8,916
2,518
842
1,374
2,246
257
3,736
2,356
4,107
2,583
6,431
1,540
59,157
6,906
4,214
8,315
4,073
23,508
82,665
Feb-23
551
4,863
4,402
203
1,947
3,344
3,535
1
5,058
4,176
467
1,262
1,410
71
3,861
2,102
5,401
1,992
6,514
1,300
52,460
5,822
4,917
8,247
3,519
22,504
74,964
YoY
37%
0%
8%
104%
-9%
35%
47%
1779%
76%
-40%
80%
9%
59%
264%
-3%
12%
-24%
30%
-1%
18%
13%
19%
-14%
1%
16%
4%
10%
YTDFY24
0.9%
6.4%
5.4%
0.4%
1.8%
6.0%
5.8%
0.0%
10.4%
4.9%
0.8%
1.7%
2.2%
0.2%
4.8%
2.8%
3.7%
3.0%
8.1%
2.4%
71.8%
7.7%
5.5%
10.5%
4.6%
28.2%
Market share
YTDFY23
0.8%
6.5%
5.4%
0.4%
2.0%
4.8%
5.8%
0.0%
10.6%
5.1%
0.6%
1.7%
2.3%
0.4%
5.1%
3.0%
3.5%
2.5%
8.0%
2.3%
70.9%
7.4%
6.2%
11.1%
4.5%
29.1%
YoY bps
9
-11
0
5
-22
124
1
-3
-17
-16
18
3
-13
-19
-25
-22
23
46
5
8
93
29
-71
-62
11
-93
100.0%
100.0%
0
Source: General Council of India, MOFSL
15 March 2024
5
 Motilal Oswal Financial Services
Exhibit 6:
Growth in Health premium and market share
Overall Health
INR m
Acko General
Bajaj Allianz
Cholamandalam MS
Zuno
Future Generali
Go Digit
HDFC ERGO
Navi General*
ICICI -Lombard
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
Niva Bupa
Care Insurance
Star Health
SAHI
Industry
Feb-24
609
2,380
615
292
1,225
933
5,028
43
4,856
397
564
244
463
13
1,006
337
2,722
3
2,371
261
24,361
6,488
3,260
9,929
5,918
25,595
2,815
1,510
4,948
6,109
13,949
29,331
79,287
Feb-23
517
1,843
591
141
653
733
4,276
37
3,746
1,064
440
301
265
9
876
306
3,144
2
2,006
253
21,202
4,612
2,721
10,119
7,041
24,492
1,712
1,196
3,664
4,374
11,683
22,628
68,323
YoY
18%
29%
4%
107%
88%
27%
18%
17%
30%
-63%
28%
-19%
75%
38%
15%
10%
-13%
18%
18%
3%
15%
41%
20%
-2%
-16%
5%
64%
26%
35%
40%
19%
30%
16%
YTDFY24
8,015
64,164
6,906
3337.3
13,931
11,857
50,151
514.8
59,453
14,594
5,541
3,057
4,567
132.1
17,465
5,104
25,821
25
26,016
4,397
3,25,047
71,966
63,931
1,71,948
73,080
3,80,924
29,819
14,724
48,197
59,131
1,29,326
2,81,196
9,87,167
YTDFY23
6,304
29,168
5,349
1,556
7,260
7,014
42,798
385
46,339
19,479
3,646
2,946
2,192
125
13,030
3,942
20,336
24
20,620
2,648
2,35,160
66,043
64,231
1,55,968
77,521
3,63,763
22,249
11,671
34,528
42,929
1,09,659
2,21,036
8,19,958
YoY
27%
120%
29%
115%
92%
69%
17%
34%
28%
-25%
52%
4%
108%
5%
34%
29%
27%
3%
26%
66%
38%
9%
0%
10%
-6%
5%
34%
26%
40%
38%
18%
27%
YTDFY24
0.8%
6.5%
0.7%
0.3%
1.4%
1.2%
5.1%
0.1%
6.0%
1.5%
0.6%
0.3%
0.5%
0.0%
1.8%
0.5%
2.6%
0.0%
2.6%
0.4%
32.9%
7.3%
6.5%
17.4%
7.4%
38.6%
3.0%
1.5%
4.9%
6.0%
13.1%
28.5%
Market share
YTDFY23
0.8%
3.6%
0.7%
0.2%
0.9%
0.9%
5.2%
0.0%
5.7%
2.4%
0.4%
0.4%
0.3%
0.0%
1.6%
0.5%
2.5%
0.0%
2.5%
0.3%
28.7%
8.1%
7.8%
19.0%
9.5%
44.4%
2.7%
1.4%
4.2%
5.2%
13.4%
27.0%
YoY bps
4
294
5
15
53
35
-14
1
37
-90
12
-5
20
0
18
4
14
0
12
12
425
-76
-136
-160
-205
-578
31
7
67
75
-27
153
20%
100.0%
100.0%
0
Source: General Council of India, MOFSL
15 March 2024
6
 Motilal Oswal Financial Services
Exhibit 7:
Growth in Retail Health premium and market share
INR m
Acko General
Bajaj Allianz
Cholamandalam MS
Zuno
Future Generali
Go Digit
HDFC ERGO
Navi General*
ICICI -Lombard
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
Niva Bupa
Care Insurance
Star Health
SAHI
Industry
Feb-24
54
904
486
5
169
50
3,687
43
1,163
150
90
44
57
3
388
172
489
3
830
90
8,877
1,447
2,213
2,964
1,663
8,288
1,155
670
3,424
3,935
12,897
22,081
39,245
Feb-23
11
779
521
10
151
43
3,137
35
920
157
71
60
44
3
301
180
596
2
631
101
7,751
1,200
1,984
2,462
1,610
7,256
777
535
2,506
2,654
11,028
17,500
32,507
YoY
372%
16%
-7%
-51%
12%
18%
18%
20%
26%
-4%
28%
-26%
27%
0%
29%
-4%
-18%
18%
32%
-10%
15%
21%
12%
20%
3%
14%
49%
25%
37%
48%
17%
26%
21%
YTDFY24
374
8,624
5,150
77.3
1,762
531
33,408
438.9
10,841
2,011
888
607
462
28.8
3,706
1,821
5,124
25
7,441
890
84,210
13,732
20,676
27,393
16,245
78,045
9,573
6,419
33,169
34,298
1,20,114
2,03,573
3,65,829
YTDFY23
63
7,701
4,407
74
1,471
439
29,163
340
8,970
1,681
822
483
376
19
2,582
1,809
5,009
24
5,718
929
72,079
12,189
19,403
23,854
15,344
70,790
7,272
4,948
25,694
23,514
1,02,532
1,63,959
3,06,828
YoY
493%
12%
17%
5%
20%
21%
15%
29%
21%
20%
8%
26%
23%
50%
44%
1%
2%
2%
30%
-4%
17%
13%
7%
15%
6%
10%
32%
30%
29%
46%
17%
24%
19%
YTDFY24 YTDFY23
YoY bps
0.1%
0.0%
8
2.4%
2.5%
-15
1.4%
1.4%
-3
0.0%
0.0%
0
0.5%
0.5%
0
0.1%
0.1%
0
9.1%
9.5%
-37
0.1%
0.1%
1
3.0%
2.9%
4
0.5%
0.5%
0
0.2%
0.3%
-3
0.2%
0.2%
1
0.1%
0.1%
0
0.0%
0.0%
0
1.0%
0.8%
17
0.5%
0.6%
-9
1.4%
1.6%
-23
0.0%
0.0%
0
2.0%
1.9%
17
0.2%
0.3%
-6
23.0%
23.5%
-47
3.8%
4.0%
-22
5.7%
6.3%
-67
7.5%
7.8%
-29
4.4%
5.0%
-56
21.3%
23.1%
-174
2.6%
2.4%
25
1.8%
1.6%
14
9.1%
8.4%
69
9.4%
7.7%
171
32.8%
33.4%
-58
55.6%
53.4%
221
100.0%
100.0%
0
Source: General Council of India, MOFSL
15 March 2024
7
 Motilal Oswal Financial Services
Exhibit 8:
Growth in Group Health premium and market share
INR m
Acko General
Bajaj Allianz
Cholamandalam MS
Zuno
Future Generali
Go Digit
HDFC ERGO
Navi General*
ICICI -Lombard
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
Niva Bupa
Care Insurance
Star Health
SAHI
Industry
Feb-24
533.4
1,352
128
287
1051.5
878
1,325
0.1
3,573
234
473.6
182.1
405.9
10.1
469
162
2,232
0
1,313
170.8
14,781
1,205
1,045
6,961
4,180
13,391
1,642
838
1,501
2,118
1,048
7,146
35,318
Feb-23
503
949
69
96
499
685
1,120
1
2,716
906
370
215
221
7
522
125
2,548
0
1,211
152
12,914
723
662
7,656
3,762
12,803
935
660
1,153
1,653
652
5,053
30,769
YoY
6%
42%
86%
199%
111%
28%
18%
-92%
32%
-74%
28%
-15%
84%
53%
-10%
30%
-12%
0%
8%
12%
14%
67%
58%
-9%
11%
5%
76%
27%
30%
28%
61%
41%
15%
YTDFY24
7,296
26,269
1,741
3025.9
12,105
11,244
16,441
75.9
46,447
8,038
4,654
2,234
4,104
103.3
11,174
3,252
20,687
0
15,382
3,353
1,97,625
29,314
39,070
1,16,585
49,805
2,34,774
19,942
8,286
14,843
23,796
9,161
76,027
5,08,426
YTDFY23
6,214
18,044
1,049
1,189
5,743
6,506
13,352
45
35,373
15,190
2,824
2,237
1,816
106
8,989
2,099
15,303
0
12,511
1,718
1,50,308
26,332
37,363
1,09,688
43,106
2,16,490
14,977
6,709
8,785
18,278
7,110
55,859
4,22,657
YoY
17%
46%
66%
154%
111%
73%
23%
70%
31%
-47%
65%
0%
126%
-3%
24%
55%
35%
0%
23%
95%
31%
11%
5%
6%
16%
8%
33%
23%
69%
30%
29%
36%
20%
YTDFY24
1.4%
5.2%
0.3%
0.6%
2.4%
2.2%
3.2%
0.0%
9.1%
1.6%
0.9%
0.4%
0.8%
0.0%
2.2%
0.6%
4.1%
0.0%
3.0%
0.7%
38.9%
5.8%
7.7%
22.9%
9.8%
46.2%
3.9%
1.6%
2.9%
4.7%
1.8%
15.0%
100.0%
YTDFY23
1.5%
4.3%
0.2%
0.3%
1.4%
1.5%
3.2%
0.0%
8.4%
3.6%
0.7%
0.5%
0.4%
0.0%
2.1%
0.5%
3.6%
0.0%
3.0%
0.4%
35.6%
6.2%
8.8%
26.0%
10.2%
51.2%
3.5%
1.6%
2.1%
4.3%
1.7%
13.2%
100.0%
YoY bps
-4
90
9
31
102
67
7
0
77
-201
25
-9
38
0
7
14
45
0
7
25
331
-46
-116
-302
-40
-504
38
4
84
36
12
174
0
Source: General Council of India, MOFSL
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
15 March 2024
8
 Motilal Oswal Financial Services
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
> - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
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, Depository participant services & distribution of various financial products. 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 Ltd. 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 relatives may have any financial interest in the subject company. MOFSL and/or its associates and/or Research Analyst or their relatives may have actual
beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public appearance. MOFSL
and its associate company(ies), their directors and Research Analyst and their relatives may have any other potential conflict of interests at the time of publication of the research report or at the time of public
appearance, 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.
In the past 12 months, MOFSL or any of its associates may have:
a)
received any compensation/other benefits from the subject company of this report
b)
managed or co-managed public offering of securities from subject company of this research report,
c)
received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
d)
received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
•
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.
•
Subject Company may have been a client of MOFSL or its associates during twelve months preceding the date of distribution of the research report.
•
Research Analyst may have served as director/officer/employee in the subject company.
•
MOFSL and research analyst may engage in market making activity for the subject company.
MOFSL and its associate company(ies), and Research Analyst and their relatives from time to time may have:
a) 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.
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.
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.
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
No
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.
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
15 March 2024
9
 Motilal Oswal Financial Services
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”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt
financial adviser in Singapore.This report is distributed solely to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures Act of Singapore (“SFA”) or (b)
are considered "accredited investors" as defined in section 2(1) of the Financial Advisers Regulations of Singapore read with section 4A(1)(a) of the SFA. Accordingly, if a recipient is neither an “institutional
investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .
In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by MOCMSPL
write to
grievances@motilaloswal.com.
Nainesh Rajani
Email:
nainesh.rajani@motilaloswal.com
Contact: (+65) 8328 0276
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.
This report is meant for the clients of Motilal Oswal only.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com.
Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal, Email
Id: na@motilaloswal.com, Contact No.:022-40548085.
Grievance Redressal Cell:
Contact Person
Ms. Hemangi Date
Ms. Kumud Upadhyay
Mr. Ajay Menon
Contact No.
022 40548000 / 022 67490600
022 40548082
022 40548083
Email ID
query@motilaloswal.com
servicehead@motilaloswal.com
am@motilaloswal.com
Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to
grievances@motilaloswal.com, for DP to dpgrievances@motilaloswal.com.
15 March 2024
10