Insurance: Industry Report ,March 2013

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Insurance

For updated information, please visit www.ibef.org

MARCH

2013


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Contents

Advantage India

Market overview and trends

Growth drivers

Success stories: Tata AIG

Opportunities

Useful information


Insurance MARCH2013


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3

Insurance

For updated information, please visit www.ibef.org ADVANTAGE INDIA

Advantage India

Advantage

India

Growing interest towards insuranceamong people; innovative products anddistribution channels aiding growth

Increasing demand for insuranceoffshoring

Life insurance in low-incomeurban areas

Health insurance, pensionsegment

Strong growth potential formicroinsurance, especially fromrural areas

Growing participation of the privatesector with market share of 30 per centin FY11 as against 2 per cent in FY01

The proposed increase in FDI limit to49 per cent from 26 per cent will furtherfuel investments

Tax incentives on insurance products Passing of Insurance Bill gives IRDA

flexibility to frame regulations

Clarity on rules for insurance IPOs whichwill infuse liquidity into the industry Repeated attempts to make the sector

more lucrative for foreign participants

Market size:

USD139

billion

FY15E

Market size:

USD70

billion

FY11

Notes: 2015E - Expected value for 2015; estimate according to BMI,

IRDA - Insurance Regulatory and Development Authority,

IPO - Initial Public Offering, FDI - Foreign Direct Investment

Strong demand Attractive opportunities

Increasing investments Policy support

MARCH

2013


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Contents

Advantage India


Growth drivers


Opportunities

Useful information


Insurance MARCH2013


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5For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS

Evolution of the Indian insurance sector

The life insurance

sector was made up of

154 domestic life

insurers, 16 foreign life

insurers and 75

provident funds

All life insurance

companies were

nationalised to form

LIC in 1956 to

increase penetration

and protect policy

holders from

mismanagement

The non-life insurance

business was

nationalised to form

GIC in 1972

Malhotra Committee

recommended

opening up the

insurance sector to

private players

IRDA, LIC and GIC

Acts were passed in

1999, making IRDAthe statutory

regulatory body for

insurance and ending

the monopoly of LIC

and GIC

Post liberalisation, theinsurance industry has

recorded significant

growth and the

number of private

players increased to

41 in 2011*

Customers are more

conscious of the

benefits of insurance

and its importance for

a secure future

Notes: * figure as on September 30, 2011

LIC - Life Insurance Corporation of India

GIC - General Insurance Corporation of India

IRDA - Insurance Regulatory and Development Authority

Before 1956

1956-1972

1993-99

2000 onwards

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6For updated information, please visit www.ibef.org

IRDA governs the Indian insurance sector

Insurance Regulatory and Development Authority (IRDA)

Established in 1999 under the IRDA Act

Responsible for regulating, promoting and ensuring orderly growth of the insurance and re-insurance business in India

MARKET OVERVIEW AND TRENDS

Insurance

InsuranceRegulatory andDevelopment

Authority(IRDA)

Life Insurance

(24 players)

Non-Life

Insurance (27

players)

Public (1)

Private (23)

Public (6)

Private (21)

Ministry ofFinance

(Government of

India)

Source:IRDA, Aranca Research

Re-insurance

(1 player)Public (1)

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Indias lucrative insurance market

India is one of the fastest growing insurance markets in the world

India is set to beat* other emerging markets in growth over 2010-12

Projected average real premium growth rate (2010-2012)

Source: Swiss Re Estimates, Aranca Research

Note: * - estimates by Swiss Re


Insurance

2.4%

3.2%

6.6%

7.8%

11.3%

3.1%

4.0%

5.2%

9.2%

10.8%

0.0% 5.0% 10.0% 15.0%

Industrialized Countries

World

Total Asia

Emerging Markets

India

Life Insurance Nonlife Insurance

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2013


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The total insurance market has grown from USD13 billion in FY02 to USD70

billion in FY11

Over FY02-11, premiums have increased at a CAGR of 20.5 per cent

Gross premiums written in India (USD billion)

Source: IRDA, Aranca Research


Insurance

3 3 3 4 4 5 6 7 79

10 1214

1722

33

4246

55

61

0

10

20

30

4050

60

70

80

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11

Non-life Insurance Life insurance

MARCH

2013

Premiums have been growing at a brisk pace


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High growth in life insurance premiums (USD billion)



Insurance

The life insurance market has grown from USD10 billion in FY02 to USD61 billion

in FY11

Over FY02-11, life insurance premiums increased at a CAGR of 21.6 per cent

2 3 611 13

17 1810 11

1316

19

27

31

33

39

42


Private Public

MARCH

2013

Life insurance market appears particularly

vibrant


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Penetration of life insurance has also

increased over the years

Penetration rate has increased to 4.4 per cent in FY11 from 2.2 per cent in FY02

This rate is above the global average of 4.0 per cent

Higher penetration rates (%) over years



Insurance

2.2

2.6

2.3

2.5

2.5

4.1

4.0 4.0

4.6

4.4


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2013


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Increasing private sector activity in life

insurance segment (1/2)

LIC is the largest insurance company and accounted for the market share of 70 per

cent in FY11

Share of private sector has been increasing over the years; it increased from around 2

per cent in FY03 to around 30 per cent in FY11

Greater private sector activity (% share) over the years



Insurance

2 5 914 18

26 29 30 30

98 9591 86 82 74 71 70

70

0%

20%

40%

60%

80%

100%

FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11

Private sector Public sector

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2013


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Increasing private sector activity in life

insurance segment (2/2)

LIC is still the market leader, with a share of 70 per cent

The share of private sector players has increased to 30 per cent from 2 per cent over

FY03-11

Market share (FY11)



Insurance

70%

6%

4%

3%3%

2%2%

2%7%

LIC

ICICI Prudential

SBI Life

Bajaj Allianz

HDFC Standard

Reliance

Max New York

Birla Sun Life

Others

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2013


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Non life insurance market has also posted

strong growth

The non-life insurance market has grown from USD2.6 billion in FY02 to USD12.1

billion in FY12*

Over FY02-12*, non-life insurance premiums have increased at a CAGR of 16.7 per

cent

Healthy growth in non-life insurance premiums

(USD billion)


Note: * - Data for FY12 is provisional


Insurance

0.1 0.30.5

1 12 2 3

34

52 3 33

34

44

5

6

7

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12*

Private Public

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2013


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With penetration rates low, there is strong

potential for growth

Penetration rate has been in the 0.56-0.70 per cent range over FY02-12

Strong potential for growth apparent from comparison with the global average (3

per cent)

Penetration rates (%) over the years



Insurance

0.6

0.7

0.6

0.6

0.6

0.6 0.6 0.6

0.6

0.7

0.7

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12

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Motor insurance forms the largest non-life segment with a share of 41 per cent in

FY12

Health insurance is the fastest growing segment and made up 23 per cent of the

total in FY12

Segment wise breakup (%, FY12*)


Note: * - Data for FY12 is provisional


Insurance

9%

5%

41%23%

22% Fire

Marine

Motor

Health

Others

MARCH

2013

Shares in non-life insurance market: Motor

insurance leads the way


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The top four players are public corporations and accounted for 52 per cent of the

total market in FY12

Private players are not far behind and compete better in the non-life insurance

segment

Market Share (FY12*)


Note - * Data for FY12 is provisional


Insurance

15%

14%

13%

10%9%

6%

3%

30%

New India

United

National

Oriental

ICICI Lombard

Bajaj Allianz

IFFCO Tokio

Others

MARCH

2013

Private sector participation is higher in the

non-life segment


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Notable trends in the insurance sector


Insurance

Emergence of new

distribution channels

New distribution channels like bancassurance, online distribution and NBFCs have

widened the reach and reduced costs

Firms have tied up with local NGOs to target lucrative rural markets

Growing market share of

private players

In the life insurance segment, share of the private sector in total premiums increased to30 per cent in FY11 from 2 per cent in FY03

In the non-life insurance segment, share of the private sector increased to 41 per cent

from 9.5 per cent cent over the same period

Launch of Innovative

products

The life insurance sector has witnessed the launch of innovative products such as Unit

Linked Insurance Plans (ULIPs)

Other traditional products have also been customised to meet specific needs of Indianconsumers

Notes: EV - Embedded Value

Mounting focus on EV

over profitability

Large insurers are continuing to expand, focusing on cost rationalisation and aligning

business models to realise reported embedded value (EV), and generate value from

future business rather than focus on present profits

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Contents

Advantage India


Growth drivers


Opportunities

Useful information


Insurance MARCH2013

MARCH


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19For updated information, please visit www.ibef.org GROWTH DRIVERS

Notes: Financial savings denote investment inequity and debt

instruments

Insurance

Increasing savings drive insurance

Indias robust economy is expected to sustain the growth in insurance

premiums written. Higher personal disposable incomes would result in

higher household savings that will be channeled into different financial

savings instruments like insurance and pension policies

Household and financial savings projections for 2015

Source: ICICI, Aranca Research

89

306

540

2000 2010 2015E

Household Savings

(USD billion)

45

141

248

2000 2010 2015E

Financial Savings

(USD billion)

MARCH

2013

Demand growth for insurance products is set

to accelerate (1/2)

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Insurance

Growing affluent middle class

The emergence of an affluent middle class is triggering demand for both

life and non-life personal insurance lines

A rising number of young professionals are opting for health insurance,motor insurance and unit-linked insurance products (ULIPs)

Indian residents shifting from low- to high-income groups

Source: McKinsey Quarterly, Aranca Research

0

10

20

30

40

50

60

70

2005 2010 2015 2020 2025

Strivers Seekers Deprived Aspirers Globals

MARCH

2013

Demand growth for insurance products is set

to accelerate (2/2)

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Insurance

Tax incentives

Insurance products are covered under the EEE (exempt, exempt, exempt) method of

taxation. This translates to an effective tax benefit of approximately 30 per cent on

select investments (including life insurance premiums) every financial year

Union Budget

2012-13

The proposed Insurance (Amendment) Bill would empower IRDA to introduce forward

- looking regulations to promote sustainable growth as it would give IRDA flexibility to

frame regulations

The government has also extended Rashtriya Swasthya Bima Yojana (RSBY) to cover

unorganised sector workers in hazardous mining and associated industries like slate and

slate pencil, dolomite, mica and asbestos etc. This would help in further growth of the

insurance sector

Life insurance companies

allowed to go public

IRDA recently allowed life insurance companies that have completed 10 years of

operations to raise capital through initial public offerings (IPOs)

Companies will be able to raise capital if they have embedded value of twice the paid upequity-capital

Approval of increase in

FDI limit and revival

package by the

government

Increase in FDI limit will help companies raise capital and fund their expansion plans

Revival package by government will help companies to get faster product clearances,

tax incentives, and ease in investment norms

MARCH

2013

Favourable policy measures have aided the

sector

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The IRDA Act, 1999 allowed an FDI of up to 26 per cent in the insurance sector on automatic route subject to obtaining license from IRDA

Cabinet has approved increase of FDI limit to 49 per cent through the Insurance Laws Amendment Bill (2008)

GROWTH DRIVERS

Top Life Insurance Co Foreign partner Domestic partner Year

Prudential plc (26%) ICICI Bank Ltd (74%) 2000

Allianz AG (26%) Bajaj Finserv Ltd (74%) 2001

BNP Paribas Assurance (26%) SBI (74%) 2001

Standard Life (26%) HDFC Bank (72.4%) 2000

Sun Life Financial Inc (26%) Aditya Birla Group (74%) 2000

Nippon Life Insurance (26%) Reliance Capital (74%) 2011

New York Life International (26%) Max India (74%) 2000

Insurance MARCH2013

Major foreign investment in insurance was

done in 2000-01 (1/2)

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Source: Aranca Research

GROWTH DRIVERS

Insurance MARCH2013

Top Life Insurance Co Foreign partner Domestic partner Year

Fairfax Financial Holdings Ltd (26%) ICICI Bank Ltd (74%) 2001

Allianz AG (26%) Bajaj Finserv Ltd (74%) 2001

Tokio Marine & Nichido Fire Insurance Group

(26%)IFFCO (74%) 2000

Major foreign investment in insurance was

done in 2000-01 (2/2)

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Most of the existing players are tying up with banks to expand their distribution network

Few players like HDFC Life are planning to go public; others are selling stakes in order to generate the funds

GROWTH DRIVERS

IndiaFirst Life Insurance USD28 million in 2010; plans to invest USD45 million in 2011

Aviva Life USD26 million in 2010

Reliance Life USD58 million in 2011

Canara HSBC Life USD22 million in 2011

Bharti AXA Life Plans to inject USD100 million in 2011

AEGON Religare Life USD71 million in 2010; plans to invest USD445 million through 2016

ING Vysya Life USD53 million in 2010

HDFC Life Going public by FY14

Insurance

Investments from the private sector are increasing as they see a huge opportunity in the growing insurance sector of thecountry

Source: Towers Watson,Assorted news articles,Aranca Research

MARCH

2013

Private sector investment in insurance is

rising


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Contents

Advantage India


Growth drivers


Opportunities

Useful information


Insurance MARCH2013

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Success ofSBI Life

SUCCESS STORIES: TATA AIG

Insurance

Source: Company website, Aranca Analysis

1.2

1.5

2.1

2.7 2.7

1.0

1.4

1.8

2.2

2.6

FY08 FY09 FY10 FY11 FY12

7.1

37.5

57.5

76.3

115.8

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

FY08 FY09 FY10 FY11 FY12

Total premium collected in (USD billion) Net profit (USD million)

SBI Life Insurance is a joint venture between Indian banking giant State Bank of India (74 per cent) and Franceheadquartered BNP Paribas Assurance (26 per cent). The company primarily deals in life insurance and pension

plans. Currently, the company has 629 branches in India. In FY11, it issued around one million insurance policies

Between FY08 and FY12, SBI Lifes profits increased at a CAGR of 101 per cent; in FY12 alone annual profits

increased 52 per cent to USD115.8 million. It was also the major private life insurer in new business premium

during FY12

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2013

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27For updated information, please visit www.ibef.org SUCCESS STORIES: TATA AIG

Insurance

Objective for establishing microinsurance

Fulfilment of corporate social responsibility

Increase brand recognition to boost market entry - todays micro clients

maybe tomorrows high-premium clients

To target untapped markets and income groups of rural India

Key strategic decision

The microinsurance business model must be separated from the regular

insurance business model

Selling microinsurance would require new, alternate distribution

mechanisms

The microinsurance business model


A specialmicroinsurance team

called the Rural &Social Team is formed

Identify and partnerwith credible NGOsoperating in the local

communityNGO suggests goodagents formicroinsurancepolicies (micro-agents)

A group of micro-agents called a

community ruralinsurance group(CRIG) is formed; itrelies on directmarketing ofmicroinsurancepolicies to localcommunity members

Local operations likecollecting and

aggregating thepremiums, trainingmicro-agents, andhelping to distributebenefits looked afterby the NGO; thissaves administrativecosts for Tata-AIG

MARCH

2013

New business unit Partnering with NGOs Forming CRIGs Local operationsmanaged by NGOs

Success of Tata-AIG microinsurance

(1/3)

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Rural obligations specified by IRDA exceeded

Insurance


Key Takeaway

Partnerships with NGOs have been instrumental in the success of Tata-

AIG microinsurance. They have helped select agents and reduced the

costs of front-end administrative services. Most crucially, their localknow - how and connections have helped build trust for the insurance

products in low-income rural areas

19%

21%

18%

14%

10%

11%

18%

16%

14%

12%

9%

7%

0 0.05 0.1 0.15 0.2 0.25

2007

2006

2005

2004

2003

2002

Required Achieved

MARCH

2013


(2/3)

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Insurance



Robust growth of microinsurance expected

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

2008 2009 2010 2011 2012

Number of policies

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2008 2009 2010 2011 2012

Premium- First year (FYP) and Renewals (RYP)

FYP RYP

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(3/3)


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Contents

Advantage India


Growth drivers


Opportunities

Useful information


Insurance MARCH2013

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31For updated information, please visit www.ibef.org OPPORTUNITIES

Indias life insurance market has grown phenomenally over the past few years;

premium for life insurance has grown at about 10 per cent in FY11

Insurance density and penetration remain at very low levels compared to developed

countries; this points towards strong potential for growth in future

Rapid development in Tier II and Tier III cities and growth in new bankable

households have led to the emergence of a large insurable class with an appetite for

sophisticated life insurance products

Business models would need to be customised accordingly, to maintain cost

effectiveness as most low-income customers would be small-ticket accounts though

huge in numbers

Source:Asia Insurance Review, Aranca Research

Notes: E in the axis for the figures above refer to estimates

The low-income urban opportunity in India

Insurance

1,300

4,100

2007 2012(E)

Household insurance

premiums (INR)

30%

40%

2007 2012(E)

Urban low-income insurance penetration

CAGR

: 26%

2013

Life insurers: Low-income urban and

pension markets (1/2)

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Formal pension system penetration

(2010)

13%

Workers covered

Workers not covered

For updated information, please visit www.ibef.org OPPORTUNITIES

Increasing life expectancy, favourable savings, and greater employment in the private

sector will fuel demand for pension plans

The opening of the pension market with the passing of the PFRDA Bill 2011 will

make the pension market more conducive for private life insurers

Proposed new pension bill by government will further provide new

opportunities to insurers

There is scope to introduce new-generation pension products such as Variable

Annuity and Inflation Indexed Annuity

Source:McKinsey Quarterly, Aranca Research

Notes: PFRDA - Pension Fund Regulatory and Development

Authority

Opportunity in the Indian pension and annuity market

Insurance

2

4

0

1

1

2

2

3

3

4

4

5

2010 2025(E)

CAGR:

7%

Indian retirement market (INR trillion)

2013

Life insurers: Low-income urban and

pension markets (2/2)

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In FY11, non-life insurance has showed growth of 17.5 per cent in terms of new policy issued

Despite posting strong growth, non-life insurance sector remains far from tapped, with penetration rates (premium to GDP ratios) remaining low at 0.7 per cent in 2011 as compared to

average of 4.6 per cent in US and 3 per cent in Europe

Strong growth in the automotive industry over the next decade will be a key driver of motor insurance

Proposed IRDA draft envisages a 10-80 per cent rise in premium rates for the erstwhile loss making third-party motor insurance

Source:*ACMA Estimates, Aranca Research Notes: E in the axis for the figures above refer to estimates

Vehicle production in India* (million units)

Insurance

2.80.7

99.2

2.3

32

0

5

10

15

20

25

30

35

Car

Production

Commercial 2&3

wheelers2010 2020E

Breakup of non-life insurance market in India (2012)

41.3%

22.8%

9.5%

4.9%

21.6%Motor insurance

Health insurance

Fire insurance

Marine insurance

other

2013

Non-life insurers: Motor and health

insurance markets (1/2)

Insurance MARCH


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Only 1.5-2 per cent of total healthcare expenditure in India is currently covered by

insurance providers

From just 2 per cent of the total non-life insurance market in 2007, health insurance

now contributes 22.8 per cent

Health insurance continues to be one of the most rapidly growing sectors in the

Indian insurance industry and reported 18.7 per cent growth in gross premiums in

FY12

Absence of government-funded health insurance makes the market attractive for

private players

IRDA recommended the government to bring down capital requirements for

standalone health insurance companies from USD21 million to USD10 million

Source:McKinsey Quarterly, Annual report IRDA,

Aranca Research

Health insurance penetration

Insurance

14%

86%

Health insurance penetration

(2010)

Population covered

Population not covered

110

220

2005 2015

Health insurance (million

policies)

CAGR:8%

2013

Non-life insurers: Motor and health

insurance markets (2/2)

Insurance MARCH


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Source:IRDA, McKinsey, Aranca Research

Insurance

The business environment in Indias microinsurance sector supports healthy growth

Macro level

(The enabling environment)

Intermediate level

(Support infrastructure)

Micro level

(Policy holders)

IRDA drafted microinsurance guidelines in 2010 which contain a number of

favourable measures such as

Lower threshold limits for agents commissions

Rural areas must account for 7 per cent of new life insurance policies

in 1st year of firms operation and rise to 20 per cent over the next 10

years

In order to reduce microinsurance distribution costs, IRDA proposed

microinsurance schemes to supplement existing government insurance schemes

The number of regional rural banks and NGOs operating in the rural sector will

aid distribution of microinsurance products

The annual income growth rate in rural India is expected to increase to 3.6 per

cent over 2010-30 from 2.8 per cent over 1990-2010

About 5 million people currently have microinsurance while the entire market is

expected to be in the range of 140-300 million

2013

Microinsurance: Tapping Indias rural

wealth

Insurance MARCH


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36

0.70.4

2.3

9.3

0.0

2.0

4.0

6.0

8.0

10.0

FY08 FY09 FY10 FY11

398208

1,093

3,174

0

500

1,000

1,500

2,000

2,500

3,000

3,500

FY08 FY09 FY10 FY11


Strong potential in crop insurance

Insurance

Source: World Bank, Aranca Research

Note: Figures mentioned above are as per Indian agricultural year

Farmers covered under crop insurance (USD millions) Sum insured (USD million)

Crop insurance market in India is the largest in the world and covers around 9 million farmers

Between 2008 and 2011, crop insurance in the country increased at a CAGR of 139 per cent

2013

OPPORTUNITIES


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Contents

Advantage India


Growth drivers


Opportunities

Useful information


Insurance MARCH2013

Insurance MARCH


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38For updated information, please visit www.ibef.org USEFUL INFORMATION

Industry Associations

Insurance Regulatory and Development Authority (IRDA)3rd Floor, Parisrama Bhavan, Basheer Bagh, Hyderabad - 500 004

Phone: 91-040-23381100

Fax: 91-040-66823334

E-mail: [email protected]

Life Insurance Council4th Floor, Jeevan Seva Annexe Bldg. S. V. Road, Santacruz (W), Mumbai - 400054

Phone: 91-22-26103303, 26103306


General Insurance Council5th Floor, Royal Insurance Building, 14, Jamshedji TATA Road, Churchgate , Mumbai - 400020

Phone: 91-22-22817511, 22817512

Fax: 91-22-22817515


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Glossary

ACMA: Automotive Component Manufacturers Association of India EV: Embedded Value FDI: Foreign Direct Investment FY: Indian financial year (April to March)

So FY12 implies April 2011 to March 2012

GOI: Government of India INR: Indian Rupee OEM: Original Equipment Manufacturers NATRiP: National Automotive Testing and R&D Infrastructure Project SEZ: Special Economic Zone USD: US Dollar

Conversion rate used: USD1= INR 48

Wherever applicable, numbers have been rounded off to the nearest whole number

USEFUL INFORMATION

Insurance2013

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India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and

the same has been prepared by Aranca in consultation with IBEF.

All rights reserved. All copyright in this presentation and related works is solely and

exclusively owned by IBEF. The same may not be reproduced, wholly or in part in any

material form (including photocopying or storing it in any medium by electronic means

and whether or not transiently or incidentally to some other use of this presentation),

modified or in any manner communicated to any third party except with the written

approval of IBEF.

This presentation is for information purposes only. While due care has been taken during

the compilation of this

presentation to ensure that the information is accurate to

the best of Aranca and IBEFs knowledge and belief, the content is not to be construed in

any manner whatsoever as a substitute for professional advice.

Aranca and IBEF neither recommend nor endorse any specific products or services that

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presentation.

Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise

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Insurance2013

Disclaimer

Insurance: Industry Report ,March 2013

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