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India Equity Research Reports, IPO and Stock News
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Jun-11: Same story continues: Individual premium collections
continue to contract with ~49% y/y contraction in Jun-11 for private
insurers. YTD premium collections over Apr-Jun 11 for private
insurers have contracted by ~45% y/y. While the y/y weakness is
partially due to the high base effect, the contraction is a little more
severe than our expectations and numbers are tracking behind our
forecasts.
Max New York –The Axis effect: Max has posted a dramatic market
share improvement with just 14% YTD contraction v/s ~45% YTD for
peers. This was led by ticket size improvement of 30% YTD v/s 10%
contraction for peers. Max’s market share has improved ~400bps and
YTD Max is now the third largest private insurer . We believe the
bank distribution tie-up with Axis is the primary driver.
YTD- Other winners/laggards : Bajaj, Reliance, ICICI Pru Life
continue to lose market share within private players. HDFC Std
continues to gain share and its market share now is at similar levels to
ICICI Pru. Notably, the PSU banks’ insurance JVs (Canara HSBC
OBC and Star Union Diachi) have continued to build on market share
YTD, but remain low in the league tables.
Insurance volumes remain sluggish with weak capital markets being
the main driver. RCAPT remains the purest play on insurance sector.
HDFC/ ICICI with 6-7% SOP contribution from insurance are other
plays.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Jun-11: Same story continues: Individual premium collections
continue to contract with ~49% y/y contraction in Jun-11 for private
insurers. YTD premium collections over Apr-Jun 11 for private
insurers have contracted by ~45% y/y. While the y/y weakness is
partially due to the high base effect, the contraction is a little more
severe than our expectations and numbers are tracking behind our
forecasts.
Max New York –The Axis effect: Max has posted a dramatic market
share improvement with just 14% YTD contraction v/s ~45% YTD for
peers. This was led by ticket size improvement of 30% YTD v/s 10%
contraction for peers. Max’s market share has improved ~400bps and
YTD Max is now the third largest private insurer . We believe the
bank distribution tie-up with Axis is the primary driver.
YTD- Other winners/laggards : Bajaj, Reliance, ICICI Pru Life
continue to lose market share within private players. HDFC Std
continues to gain share and its market share now is at similar levels to
ICICI Pru. Notably, the PSU banks’ insurance JVs (Canara HSBC
OBC and Star Union Diachi) have continued to build on market share
YTD, but remain low in the league tables.
Insurance volumes remain sluggish with weak capital markets being
the main driver. RCAPT remains the purest play on insurance sector.
HDFC/ ICICI with 6-7% SOP contribution from insurance are other
plays.
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