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India - Life Insurance 0102 - 0976 - 2010
Datamonitor. This profile is a licensed product and is not to be photocopied Page 1
INDUSTRY PROFILE
Life Insurance in
India
Reference Code: 0102-0976
Publication Date: August 2011
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EXECUTIVE SUMMARY
India - Life Insurance 0102 - 0976 - 2010
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EXECUTIVE SUMMARY
Market value
The Indian life insurance market grew by 16.7% in 2010 to reach a value of $67.4 billion.
Market value forecast
In 2015, the Indian life insurance market is forecast to have a value of $110.8 billion, an increase of
64.4% since 2010.
Market segmentation I
Life insurance is the largest segment of the life insurance market in India, accounting for 86.4% of the
market's total value.
Market segmentation II
India accounts for 8% of the Asia-Pacific life insurance market value.
Market share
Life Insurance Corporation of India is the leading player in the Indian life insurance market, generating a
60.1% share of the market's value.
Market rivalry
Robust growth within the Indian life insurance market in recent years contributes towards lower level of
rivalry within the market.
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CONTENTS
India - Life Insurance 0102 - 0976 - 2010
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TABLE OF CONTENTS
EXECUTIVE SUMMARY 2
MARKET OVERVIEW 7
Market definition 7
Research highlights 8
Market analysis 9
MARKET VALUE 10
MARKET SEGMENTATION I 11
MARKET SEGMENTATION II 12
MARKET SHARE 13
FIVE FORCES ANALYSIS 14
Summary 14
Buyer power 16
Supplier power 17
New entrants 18
Substitutes 20
Rivalry 21
LEADING COMPANIES 22
Bajaj Allianz Life Insurance Company Limited 22
Life Insurance Corporation of India 23
SBI Life Insurance Co. Ltd. 25
MARKET FORECASTS 26
Market value forecast 26
MACROECONOMIC INDICATORS 27
APPENDIX 29
Methodology 29
Industry associations 30
Related Datamonitor research 30
Disclaimer 31
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CONTENTS
India - Life Insurance 0102 - 0976 - 2010
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ABOUT DATAMONITOR 32
Premium Reports 32
Summary Reports 32
Datamonitor consulting 32
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CONTENTS
India - Life Insurance 0102 - 0976 - 2010
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LIST OF TABLES
Table 1: India life insurance market value: $ billion, 200610 10
Table 2: India life insurance market segmentation I:% share, by value, 2010 11
Table 3: India life insurance market segmentation II: % share, by value, 2010 12
Table 4: India life insurance market share: % share, by value, 2010 13
Table 5: Bajaj Allianz Life Insurance Company Limited: key facts 22
Table 6: Life Insurance Corporation of India: key facts 23
Table 7: SBI Life Insurance Co. Ltd.: key facts 25
Table 8: India life insurance market value forecast: $ billion, 201015 26
Table 9: India size of population (million), 200610 27
Table 10:
India GDP (constant 2000 prices, $ billion), 200610 27
Table 11: India GDP (current prices, $ billion), 200610 27
Table 12: India inflation, 200610 28
Table 13: India consumer price index (absolute), 200610 28
Table 14: India exchange rate, 200610 28
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CONTENTS
India - Life Insurance 0102 - 0976 - 2010
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LIST OF FIGURES
Figure 1: India life insurance market value: $ billion, 200610 10
Figure 2: India life insurance market segmentation I:% share, by value, 2010 11
Figure 3: India life insurance market segmentation II: % share, by value, 2010 12
Figure 4: India life insurance market share: % share, by value, 2010 13
Figure 5: Forces driving competition in the life insurance market in India, 2010 14
Figure 6: Drivers of buyer power in the life insurance market in India, 2010 16
Figure 7: Drivers of supplier power in the life insurance market in India, 2010 17
Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in India,
2010 18
Figure 9: Factors influencing the threat of substitutes in the life insurance market in India, 2010 20
Figure 10: Drivers of degree of rivalry in the life insurance market in India, 2010 21
Figure 11: India life insurance market value forecast: $ billion, 201015 26
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MARKET OVERVIEW
India - Life Insurance 0102 - 0976 - 2010
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MARKET OVERVIEW
Market definition
The value of the life insurance market is shown in terms of gross premium incomes from mortalityprotection and retirement savings plans. All currency conversions have been calculated using constant
2010 annual average exchange rates. The insurance market depends on a variety of economic and non-
economic factors and future performance is difficult to predict. The forecast given in this report is not
based on a complex economic model, but is intended as a rough guide to the direction in which the
market is likely to move.
For the purposes of this report, Asia-Pacific comprises Australia, China, India, Indonesia, Japan, New
Zealand, Singapore, South Korea, Taiwan, and Thailand.
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MARKET OVERVIEW
India - Life Insurance 0102 - 0976 - 2010
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Research highlights
The Indian life insurance market had total gross written premiums of $67,430.3 million in 2010,
representing a compound annual growth rate (CAGR) of 16.3% between 2006 and 2010.
The life insurance segment was the market's most lucrative in 2010, with total gross written premiums of
$58,262.8 million, equivalent to 86.4% of the market's overall value.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 10.4% for the five-
year period 2010 - 2015, which is expected to drive the market to a value of $110,797.2 million by the end
of 2015.
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MARKET OVERVIEW
India - Life Insurance 0102 - 0976 - 2010
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Market analysis
The Indian life insurance market has been growing at a double digit rate. This trend, with some
deceleration only, is expected to continue towards the end of the forecast period.
The Indian life insurance market had total gross written premiums of $67,430.3 million in 2010,
representing a compound annual growth rate (CAGR) of 16.3% between 2006 and 2010. In comparison,
the Chinese market increased with a CAGR of 28.1%, and the Japanese market declined with a
compound annual rate of change (CARC) of -2.4%, over the same period, to reach respective values of
$142,792 million and $435,701 million in 2010.
The life insurance segment was the market's most lucrative in 2010, with total gross written premiums of
$58,262.8 million, equivalent to 86.4% of the market's overall value. The pension/annuity segment
contributed gross written premiums of $9,167.6 million in 2010, equating to 13.6% of the market's
aggregate value.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 10.4% for the five-year period 2010 - 2015, which is expected to drive the market to a value of $110,797.2 million by the end
of 2015. Comparatively, the Chinese and Japanese markets will grow with CAGRs of 10.7% and 0.3%
respectively, over the same period, to reach respective values of $237,526 million and $441,274.2 million
in 2015.
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MARKET VALUE
India - Life Insurance 0102 - 0976 - 2010
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MARKET VALUE
The Indian life insurance market grew by 16.7% in 2010 to reach a value of $67.4 billion.
The compound annual growth rate of the market in the period 200610 was 16.3%.
Table 1: India life insurance market value: $ billion, 200610
Year $ billion Rs. billion billion % Growth
2006 36.9 1,696.0 27.8
2007 43.8 2,013.5 33.0 18.7%
2008 48.3 2,217.9 36.4 10.2%
2009 57.8 2,654.5 43.5 19.7%
2010 67.4 3,097.5 50.8 16.7%
CAGR: 200610 16.3%
Source: Datamonitor D A T A M O N I T O R
Figure 1: India life insurance market value: $ billion, 200610
Source: Datamonitor D A T A M O N I T O R
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MARKET SEGMENTATION I
India - Life Insurance 0102 - 0976 - 2010
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MARKET SEGMENTATION I
Life insurance is the largest segment of the life insurance market in India, accounting for 86.4% of the
market's total value.
The pension/annuity segment accounts for the remaining 13.6% of the market.
Table 2: India life insurance market segmentation I:% share, by value, 2010
Category % Share
Life insurance 86.4%
Pension/annuity 13.6%
Total 100%
Source: Datamonitor D A T A M O N I T O R
Figure 2: India life insurance market segmentation I:% share, by value, 2010
Source: Datamonitor D A T A M O N I T O R
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MARKET SEGMENTATION II
India - Life Insurance 0102 - 0976 - 2010
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MARKET SEGMENTATION II
India accounts for 8% of the Asia-Pacific life insurance market value.
Japan accounts for a further 51.5% of the Asia-Pacific market.
Table 3: India life insurance market segmentation II: % share, by value, 2010
Category % Share
Japan 51.5%
China 16.9%
South Korea 8.4%
India 8.0%
Rest of Asia-Pacific 15.3%
Total 100%
Source: Datamonitor D A T A M O N I T O R
Figure 3: India life insurance market segmentation II: % share, by value, 2010
Source: Datamonitor D A T A M O N I T O R
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MARKET SHARE
India - Life Insurance 0102 - 0976 - 2010
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MARKET SHARE
Life Insurance Corporation of India is the leading player in the Indian life insurance market, generating a
60.1% share of the market's value.
ICICI-Prudential Life Insurance Co. Ltd. accounts for a further 5.3% of the market.
Table 4: India life insurance market share: % share, by value, 2010
Company % Share
Life Insurance Corporation of India 60.1%
ICICI-Prudential Life Insurance Co. Ltd. 5.3%
Bajaj Allianz Life Insurance Co. Ltd. 3.7%
SBI Life Insurance Co. Ltd. 3.3%
Other 27.6%
Total 100%
Source: Datamonitor D A T A M O N I T O R
Figure 4: India life insurance market share: % share, by value, 2010
Source: Datamonitor D A T A M O N I T O R
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FIVE FORCES ANALYSIS
India - Life Insurance 0102 - 0976 - 2010
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FIVE FORCES ANALYSIS
The life insurance market will be analyzed taking insurance companies as players. The key buyers will be
taken as consumers (both individual as well as corporate), and ict manufacturers, software houses and
reinsurance companies as the key suppliers.
Summary
Figure 5: Forces driving competition in the life insurance market in India, 2010
Source: Datamonitor D A T A M O N I T O R
Robust growth within the Indian life insurance market in recent years contributes towards lower level of
rivalry within the market.
Buyer power is moderate overall as is the ability of new players in entering the market place with supplier
power remaining strong. Despite savings and investments being among the alternative methods of
insuring ones self, substitutes possess a weak force in the market, due to the expertise and capital
required for investment.
The demand for life insurance is determined by various factors: i.e. gross domestic product, average
length of life expectancy, inflation and interest rates. Additionally, in developing countries, factors such asmarket structure, the presence of foreign investors and financial development of economies should be
taken into consideration. There are also various reasons for getting a life insurance policy. Such a policy
guarantees a replacement income for ones dependents in case of death or major illness. Some types of
life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn
on the owners request, which makes it an important element of sound financial planning and investment.
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FIVE FORCES ANALYSIS
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Since most people consider paying their life insurance policy premiums a high priority, buying a cash-
value type policy can create a kind of forced savings plan. Various companies can also use group life
insurance to cover their employees or corporate-owned life insurance (COLI). COLI was originally
purchased by companies to hedge against the financial cost of losing key employees to unexpected
death, the risk of recruiting and training replacements of necessary or highly-trained personnel, or to fund
corporate obligations to redeem stock upon the death of an owner.
A point to consider in the current economic climate is the drop in real income during 2009. Followed by
slow growth in 2010 this may limit the demand for insurance products, which are unlikely to be considered
a priority by households at present.
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FIVE FORCES ANALYSIS
India - Life Insurance 0102 - 0976 - 2010
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Buyer power
Figure 6: Drivers of buyer power in the life insurance market in India, 2010
Source: Datamonitor D A T A M O N I T O R
Due to the nature of the market and importance of the product offered, there are many individual
consumers, diminishing buyer power, as the impact of losing an individual customer is rather marginal.
Large corporate clients have a lot more bargaining power with insurance companies as they usually pay
millions of dollars a year in premiums and losing such high-margin corporate clients can negatively affecta player's revenues. This increases buyer power to some extent. Customers in this market are not
particularly loyal to one specific company and are willing to shop round for the best deal. Online
comparison sites allow customers to choose policies that meet their individual insurance needs, further
boosting buyer power.
However buyer power is weakened by the existence of switching costs, as for individuals, switching from
one player to another will often involve surrendering a policy early (an exception is where a term policy
reaches its end and the buyer chooses a different company for their next policy). The payout on a
surrendered policy may be taxable, whereas the payout on the death of the insured person is tax-free;
also early surrender of an index-linked plan may mean that the policyholder misses out on some interest
payments. Buyer power is assessed as moderate overall.
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FIVE FORCES ANALYSIS
India - Life Insurance 0102 - 0976 - 2010
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Supplier power
Figure 7: Drivers of supplier power in the life insurance market in India, 2010
Source: Datamonitor D A T A M O N I T O R
Suppliers in the life insurance market include ICT manufacturers and software houses. Certain insurance
companies require specialized computer systems, tailored towards their unique range of products or
services. Underwriters, for instance, use computer applications known as "smart systems" to manage
risks. These types of systems are complex and are often linked up to an internet databases. A secure andreliable ICT infrastructure is essential and companies are often reliant on one supplier. This is normally a
large and reputable company, such as IBM. Such suppliers may have their own unique and patented
systems. This creates a disincentive for insurance companies to switch suppliers as many employers are
reluctant to spend the money training staff on new systems, which increases supplier power. Despite
many insurance companies maintaining their own IT departments, there is little likelihood of significant
backward integration, which further strengthens suppliers (although it is equally unlikely that suppliers
would attempt to integrate forwards into insurance services). Life insurers also require the services of
reinsurance companies, in order to reduce their own exposure to insured risks. Overall supplier power is
strong in the life insurance market.
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FIVE FORCES ANALYSIS
India - Life Insurance 0102 - 0976 - 2010
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New entrants
Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in India,
2010
Source: Datamonitor D A T A M O N I T O R
It is believed that increasing affluence, aging population and low penetration of insurance coverage at a
time when the market in industrialized countries is relatively saturated, will help transform the country's
largely untapped life insurance market into one of the world's fastest growing over the next five years,
creating business opportunities for newcomers. There are public and private firms operating within India's
insurance market with state-owned Life Insurance Corp of India (LIC) still having a stranglehold with a
market share of over 60 per cent. But private players have moved aggressively, chasing for business after
being allowed to compete with LIC in 2000. Overseas insurers where allowed to operate with the passing
of the Insurance Regulatory and Development Authority (IRDA) Act in 1999.
Barriers to entry into life insurance market are often described as low; however new players entering the
market must decide whether to initially enter on a large or small scale, with each holding varying benefits
and risks. The opportunity to enter the market on a small scale boosts the threat of new entrants. Entry
into the market for well developed insurance companies is capital intensive and players need to ensure
some level of integration if market entry is to be a success. Leading incumbents have strong reputations
and consumer recognition and they usually offer a vast range of services with which new entrants must
compete. Most of the threat from new entrants lies within the insurance industry itself. Repeat business is
difficult to attain in this market, since consumers will typically replace their life insurance policies at
infrequent intervals only.
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FIVE FORCES ANALYSIS
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This means that finding new custom is vital, and access to distribution networks is a key criterion for
successful market entry. In India, the former state monopoly, Life Insurance Corporation has a network of
more than 2,000 branches, constituting a distribution network that newcomers may find hard to match.
Some companies have carved out niche areas in which they underwrite insurance. These insurance
companies are fearful of being squeezed out by the big players. Another threat for many insurance
companies is other financial services companies entering the market. Indeed some banks and investment
banks have started to offer insurance products, while certain financial commitments, such as mortgages,
have life policies attached to them. In some countries however, regulations are in place to prevent banks
and other financial firms from entering the market. Government regulation is generally stringent, with
Insurance Regulatory and Development Authority (IRDA) imposing capital requirements of $24 million
minimum for new entrants. This fact limits the threat of newcomers. The likelihood of new entrants is
assessed as moderate.
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FIVE FORCES ANALYSIS
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Substitutes
Figure 9: Factors influencing the threat of substitutes in the life insurance market in India, 2010
Source: Datamonitor D A T A M O N I T O R
There are a number of alternatives to taking out an insurance policy, i.e. in form of other financial
products, such as savings and investments. Savings and investments include deposits, mutual funds and
direct investments in equities and bonds. Wills are also a way of accounting for risk and protecting family
members after death. These options could be a cheaper alternative to life insurance, but savings do notguarantee protection in the same way as life insurance, which reduces the benefit of this option.
Consumers can adopt risk management strategies, such as 'Self-Insurance', whereby an eligible risk is
retained, but a calculated amount of money is set aside. An organization could choose to operate its own
'captive' structure and form its own insurance company subsidiary. Although these are viable substitutes
they require a certain amount of expertise and capital. The threat of substitutes with respect to the non-life
insurance market is therefore assessed as weak.
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FIVE FORCES ANALYSIS
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Rivalry
Figure 10: Drivers of degree of rivalry in the life insurance market in India, 2010
Source: Datamonitor D A T A M O N I T O R
The life insurance market in India is rather concentrated, when compared to other countries in region.
Although there are around 15 companies active in this market, the state-owned Life Insurance
Corporation of India is by far the largest. Players within the life insurance market offer similar services but
some are diversified, and pursue a number of non-life insurance lines, which tends to ease the rivalry tosome extent. The leading players are large companies offering similar life products, although there are a
number of different plans including temporary, permanent and various subclasses. Because of the
homogenous nature of the leading players insurance has become more like a commodity - an area in
which an insurance company with a low cost structure, greater efficiency and better customer service will
beat out competitors. Entry barriers, though not insignificant, are lower than exit barriers. For example,
the regulatory system, through the imposition of such measures as capital adequacy, is designed to
prevent insurers from going out of business, as this would be to the detriment of policyholders. When exit
barriers in a market are high, players may weather poor market conditions where necessary - but this
tends to boost rivalry. Insurance companies also use higher investment returns and a variety of insurance
investment products to try to lure in customers. This leads to greater consolidation within the market.Larger companies prefer to take over or merge with other companies rather than spend the money to
market and advertise to people. Overall, there is moderate rivalry in the market.
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LEADING COMPANIES
India - Life Insurance 0102 - 0976 - 2010
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LEADING COMPANIES
Bajaj Allianz Life Insurance Company Limited
Table 5: Bajaj Allianz Life Insurance Company Limited: key facts
Head office: GE Plaza, Airport Road Yerawada, Pune, 411006, India
Telephone: 91 20 6602 6777
Fax: 91 20 6602 6789
Website: www.bajajallianzlife.co.in
Financial year-end: December
Source: company website D A T A M O N I T O R
Bajaj Allianz Life Insurance Company Limited, joint venture between global insurance company Allianz
and motorcycle maker Bajaj Auto, provides life insurance including regular and single premium plans,
traditional products, term plans, pension plans, women insurance, wealth insurance and group insurance.
The company provides its life insurance and retirement products to customers from more than 1,100
branch locations throughout India,
Bajaj Allianz Life also offers bancassurance and provides financial services through partnership tie-ups
with Standard Chartered Bank, Syndicate Bank, and other banks.
It caters to a wide spectrum of customers and needs, including companies, individuals, and families.Products include traditional, unit linked, and term life policies, as well as pensions and annuities.
Key Metrics
The company is a private entity and not obliged to publish its financial details.
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LEADING COMPANIES
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Life Insurance Corporation of India
Table 6: Life Insurance Corporation of India: key facts
Head office: Yogakshema, Jeevan Bima Marg, Mumbai - 400021, Maharashtra,IND
Telephone: 22 2613 7545
Website: www.licindia.in
Financial year-end: March
Source: company website D A T A M O N I T O R
The Life Insurance Corporation of India (LIC or the group) is primarily a life insurance service provider.
LIC operates through five business segments: individual assurance, general annuities, pensions, unitlinked business, and group insurance business. However, the group presents results under four business
segments: individual assurance, unit linked business, group schemes, and individual pension.
The group's products can be classified into insurance plans, pension plans, unit plans, special plans, and
group plans.
Insurance plans cater to different needs of individuals. These plans include children plans, plans for
handicapped, endowment plans, plans for high networth individuals (HNIs), money back plans, whole life,
term assurance, and joint plans.
Pension plans are for planning a secure future.
A unit linked insurance plan (ULIP) acts just like a savings vehicle, but also has the benefits of an
insurance contract. When an investor purchases units in a ULIP, he or she is purchasing units along with
a larger number of investors, just like an investor would purchase units in a mutual fund.
Special plans are not regular plans but are launched during special events. These plans are a blend of
insurance, and investment.
Group insurance scheme is life insurance protection to groups of people. This scheme caters to the
needs of employers, associations, societies etc.
Key Metrics
The group recorded revenues of INR2,987,215.5 million ($66,375.9 million) during the financial year (FY)
ended March 2010, an increase of 49.2% over FY2009. The operating profit was $2,752,881.5 million
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LEADING COMPANIES
India - Life Insurance 0102 - 0976 - 2010
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($61,169 million) in FY2010, an increase of 52.2% over FY2009.The net profit was $10,607.2 million
($235.7 million) in FY2010, an increase of 10.8% over FY2009.
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LEADING COMPANIES
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SBI Life Insurance Co. Ltd.
Table 7: SBI Life Insurance Co. Ltd.: key facts
Head office: G N Vaidya Marg, 2nd Floor, Turner Morrison Building, 400 023Mumbai, India
Telephone: 91 2266392000
Website: www.sbilife.co.in
Financial year-end: March
Source: company website D A T A M O N I T O R
The company is engaged in underwriting insurance and pension products. It is a privately held company
based in India. The registered head office of the company is located in Mumbai, India.
The company offers a number of products such as individual products, group products, and health
products. Its individual products include unit linked products, which are an attempt to meet all its financial
and insurance needs; pension products including SBI Life - Horizon, SBI Life - Unit Plus, SBI Life -
Lifelong Pensions, and SBI Life Immediate Annuity; pure protection products and protection cum
savings products. The group products consist of retirement solutions, protection plans, specialized term
insurance, and group micro insurance.
The company is a joint venture between the State Bank of India, which has the largest banking franchise
in India, and BNP Paribas Assurance, which is the life and property and casualty insurance unit of BNP
Paribas.
Key Metrics
Financial information is not available for SBI.
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MARKET FORECASTS
India - Life Insurance 0102 - 0976 - 2010
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MARKET FORECASTS
Market value forecast
In 2015, the Indian life insurance market is forecast to have a value of $110.8 billion, an increase of64.4% since 2010.
The compound annual growth rate of the market in the period 201015 is predicted to be 10.4%.
Table 8: India life insurance market value forecast: $ billion, 201015
Year $ billion Rs. billion billion % Growth
2010 67.4 3,097.5 50.8 16.7%
2011 75.8 3,480.7 57.1 12.4%
2012 84.4 3,877.2 63.6 11.4%
2013 93.1 4,276.9 70.1 10.3%
2014 101.9 4,680.0 76.8 9.4%
2015 110.8 5,089.6 83.5 8.8%
CAGR: 201015 10.4%
Source: Datamonitor D A T A M O N I T O R
Figure 11: India life insurance market value forecast: $ billion, 201015
Source: Datamonitor D A T A M O N I T O R
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MACROECONOMIC INDICATORS
India - Life Insurance 0102 - 0976 - 2010
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MACROECONOMIC INDICATORS
Table 9: India size of population (million), 200610
Year Population (million) % Growth
2006 1,119.8 1.5%
2007 1,136.6 1.5%
2008 1,153.1 1.5%
2009 1,160.8 0.7%
2010 1,176.7 1.4%
Source: Datamonitor D A T A M O N I T O R
Table 10: India GDP (constant 2000 prices, $ billion), 200610
Year Constant 2000 Prices, $ billion % Growth
2006 666.1 9.4%
2007 730.3 9.6%
2008 767.6 5.1%
2009 819.5 6.8%
2010 904.3 10.3%
Source: Datamonitor D A T A M O N I T O R
Table 11: India GDP (current prices, $ billion), 200610
Year Current Prices, $ billion % Growth
2006 847.3 12.6%
2007 1,082.4 27.7%
2008 1,171.4 8.2%
2009 1,246.2 6.4%
2010 1,539.4 23.5%
Source: Datamonitor D A T A M O N I T O R
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MACROECONOMIC INDICATORS
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Table 12: India inflation, 200610
Year Inflation Rate (%)
2006 5.7%2007 6.4%
2008 8.4%
2009 10.9%
2010 12.0%
Source: Datamonitor D A T A M O N I T O R
Table 13: India consumer price index (absolute), 200610
Year Consumer Price Index (2000 = 100)2006 128.2
2007 136.4
2008 147.8
2009 163.9
2010 183.5
Source: Datamonitor D A T A M O N I T O R
Table 14: India exchange rate, 200610
Year Exchange rate ($/Rs.) Exchange rate (/Rs.)
2006 45.3188 56.8596
2007 41.3570 56.5898
2008 43.8145 64.1115
2009 48.8500 67.9264
2010 45.9361 60.9708
Source: Datamonitor D A T A M O N I T O R
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APPENDIX
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APPENDIX
Methodology
Datamonitor Industry Profiles draw on extensive primary and secondary research, all aggregated,analyzed, cross-checked and presented in a consistent and accessible style.
Review of in-house databases Created using 250,000+ industry interviews and consumer surveys
and supported by analysis from industry experts using highly complex modeling & forecasting tools,
Datamonitors in-house databases provide the foundation for all related industry profiles
Preparatory research We also maintain extensive in-house databases of news, analyst
commentary, company profiles and macroeconomic & demographic information, which enable our
researchers to build an accurate market overview
Definitions Market definitions are standardized to allow comparison from country to country. The
parameters of each definition are carefully reviewed at the start of the research process to ensure they
match the requirements of both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest
industry events and trends
Datamonitor aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools Datamonitor has developed powerful tools that allow quantitative
and qualitative data to be combined with related macroeconomic and demographic drivers to create
market models and forecasts, which can then be refined according to specific competitive, regulatory
and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and
up-to-date
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Industry associations
International Association of Insurance Supervisors
c/o Bank for International Settlements, CH-4002 Basel, SwitzerlandTel.: 41 61 225 7300
Fax: 41 61 280 9151
www.iaisweb.org
Banking, Finance and Insurance Commission
Rue du Congrs 12-14, 1000 Brussels, Belgium
Tel.: 32 2 220 5211
Fax: 32 2 220 5323
www.cbfa.be
Related Datamonitor research
Industry Profile
Global Life Insurance
Life Insurance in China
Life Insurance in Europe
Life Insurance in Asia-Pacific
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APPENDIX
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Disclaimer
All Rights Reserved.
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form
by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior
permission of the publisher, Datamonitor plc.
The facts of this report are believed to be correct at the time of publication but cannot be guaranteed.
Please note that the findings, conclusions and recommendations that Datamonitor delivers will be
based on information gathered in good faith from both primary and secondary sources, whose
accuracy we are not always in a position to guarantee. As such Datamonitor can accept no liability
whatever for actions taken based on any information that may subsequently prove to be incorrect.
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ABOUT DATAMONITOR
India - Life Insurance 0102 - 0976 - 2010
ABOUT DATAMONITOR
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