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LIC has consistently lost market share in retail segment

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Private sector insurance companies have gained 8 per cent market share from LIC in the last 2 years.

On a 2-year CAGR basis, the retail weighted received premium (RWRP) growth in YTDFY22 is 10.2 per cent for the private life insurers and (-) 6.6 per cent for LIC. This divergent growth trend has led to the private sector gaining 8 per cent market share from LIC in the last 2 years, Emkay Global Financial Services said in a report.

LIC is struggling in the retail segment, the report said. After the rebound in November ’21, LIC’s growth in retail in December ’21 slowed, and was materially lower than the private sector. This sustained undergrowth by LIC has meant that it has consistently lost market share in retail.

With its unchanged way of doing business over decades, LIC may lose its stronghold in the retail life segment, particularly in the high-ticket segment, the report said.

With the bank channel increasingly becoming important for savings product distribution and digital channels becoming important for retail protection, LIC may witness turbulent times in terms of growth due to its heavy reliance on the agency-led distribution mix. The sustained growth outperformance by Top-4 private players (SBI Life, HDFC Life, ICICI Pru and Max Life) meant that the RWRP market share of these four together has crossed LIC’s market share for YTD FY22 again in December 2021, the report said.

Notwithstanding the temporary disruption, the overall, developments in FY22 validate the long-term trend of a gradual shift of the retail life insurance market to private players with strong brand and distribution reach, it said.

Maintaining strong momentum, RWRP for private insurers increased by 29.4 per cent YoY in December ’21, leading to YTD FY22 RWRP growth of 30 per cent YoY. Growth for private players seems to be largely driven by an increase in the ticket sizes, as the new retail policy count grew by just 13.3 per cent YoY in December ’21.

LIC’s RWRP saw a YoY growth of meagre 6.2 per cent in December ’21 and 5 per cent for YTD FY22. The individual policy count for LIC grew by 9.7 per cent YoY for YTD FY22. On 2-year basis, the private sector delivered 10.6 per cent CAGR, whereas LIC’s RWRP declined at 3 per cent CAGR.

Growth driven by increased ticket size is reflected in the shift of product mix toward ULIPs and non-par products. These factors corroborate the long-term trend of a gradual shift of the retail life insurance market to large private players with strong brand and a wide banc assurance network.

The life insurance industry saw its growth momentum suffering a temporary disruption in January ’22 led by Omicron surge led restrictions affecting mobility and overall business activities. The retail weighted received premium (RWRP) growth slowing to 6.9 per cent YoY in January ’22 from 21.2 per cent seen in December ’21. Despite this slowness in January ’22, the YTDFY22 RWRP growth for the sector remains strong at 18 per cent YoY.

Business

‘Take A Trip To Vietnam For Your iPhone 16’: X User Proposes Cost-Effective Way To Buy The Latest Apple Smartphone

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Apple recently launched its latest iPhone series, the iPhone 16 series. In addition, the company also launched the latest Apple Watch along with the latest version of Apple AirPods.

Trip To Vietnam For Apple

Apple products from time immemorial have been known for their exorbitant and sky-high pricing. Many have often made memes about having to sell their organs to be able to afford one of their iPhones.

Now, with the latest launch, and X user has found a way to cut corners by taking a trip.

According to the user, an aspiring iPhone buyer in India should take a trip to the East Asian nation of Vietnam to be able to get the new iPhone 16 at a cheaper rate.

However, the user also notes that these savings can only be made, if the buyer is intending to buy the advanced iPhone 16 Pro iPhone 16 Pro Max.

Savings Only iPhone 16 Pro

The user said, “Plan your #iPhone16 purchase with a trip to #Vietnam and spend the same amount you would be spending buying it here in India.”

In addition, the user also added, “But the savings work only if you are planning to buy the #iPhone16Pro or the #iPhone16ProMax”.

In addition, the user also surmised an instance of users travelling to the UAE an purchasing these phones.

According to the user, the Visa fees & fight rates don’t make Dubai that lucrative unless flying somewhere via UAE or planning for the #iPhone16ProMax only”.

As per the statistics produced by the user, the most expensive iPhone 16 Pro Max will cost an Indian buyer Rs 1,44,900 a piece. In Vietnam, however, it would cost a buyer Rs 1,18,992.

This marks a difference of Rs 25,908. Meanwhile, in the UAE, particularly in Dubai, the same phone would cost the buyer Rs 1,16,550, marking a difference of Rs 28,350.

The iPhone series will be available in India from September 20, with the pre-order for the phone starting on September 13.

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Business

Mumbai: MahaRERA To Launch New ‘MahaCRITI’ Website On September 1, Existing Portal Offline For Migration On August 30-31

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Mumbai: MahaRERA To Launch New 'MahaCRITI' Website On September 1, Existing Portal Offline For Migration On August 30-31

The Maharashtra Real Estate Regulatory Authority’s (MahaRERA’s) new website ‘MahaCRITI’ will be launched on September 1 at 00.00 hours. To enable the migration to the new portal, the existing MahaRERA’s website will go offline on August 30 and 31.

During this transition period, the back-end team will perform various technical tasks to provide better user experience.

MahaRERA will also conduct classroom and virtual training for all real estate stakeholders to facilitate familiarity, easy navigation and user friendliness of MahaCRITI.

The training, that commenced on Thursday, will continue on August 30 and September 1 at MahaRERA’s head office situated in Bandra-Kurla Complex. The housing regulator has announced training schedule on the website. Videos on the training demo shall also be made available on MahaRERA’s portal.

The stakeholders are encouraged to participate in these sessions for a hands-on experience with the new system.

The training’s second phase will be available for two weeks after the website goes live on September 1. The training module will also guide the complainants as well as lawyers on complaint registration and its further process.

Developers, promoters and their self-regulatory bodies will be guided on how to use the website effectively for routine tasks such as registration of new housing projects, corrections, extensions as per requirement, quarterly progress reports, annual progress reports and project completion Form 4.

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Business

2025 Yamaha YZF-R15 Launches Globally with Exciting New Features and Color Choices

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Yamaha has launched an updated version of its YZF-R15 in Indonesia, enhancing its entry-level sports bike with new features and a fresh look. The updated model now offers smartphone connectivity, similar to the version available in India. It also introduces a striking-black color option, along with grey/silver/, grey/black, and blue. Despite these upgrades in features and appearance, the bike maintains its original mechanical design, ensuring reliability while appealing to new and existing riders.

The 2025 Yamaha YZF-R15 for the Indonesian market maintains its familiar 155cc single-cylinder engine with VVT, producing 18.1 bhp and 14.2 Nm of torque, and is paired with six-speed transmission. It features a monoshock rear suspension and inverted telescopic front forks, along with dual-channel ABS and disc brakes on both wheels. While it lacks the traction control found on the Indian model, it retains its Deltabox frame, an 11-liter fuel tank, and a total weight of 141 kg, all supported by 17-inch alloy wheels.

The 2025 Yamaha YZF-R15 comes equipped with a range of advanced features, including dual-channel ABS, traction control, a slipper clutch, and a quick shifter. It also features a fully digital instrument cluster that provides not only essential ride information but also ride tracking, onboard diagnostics, and periodic maintenance reminders, enhancing the overall riding experience.

India Yamaha Motor has marked a notable milestone in its manufacturing history with the success of the Yamaha Ray ZR 125 Fi-Hybrid in Europe. This scooter, produced in India, has gained considerable traction across several European nations. From January to July this year, approximately 13,400 units of the Ray ZR 125 Fi Hybrid were sold across 27 European countries.

Consumers have responded positively to the Yamaha Ray ZR 125 Fi Hybrid, appreciating its well-rounded design and features. The scooter has received a positive response across major European markets such as the UK, Spain, France, Italy, Germany, Turkey, Switzerland, Greece, and Portugal.

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