The increase in total gross premiums of LICs in annual terms, including unit-linked sales, accelerated to 73.8% in April 2024 against an annual growth of 62% in March. The premiums boosted by 46.2% in monthly terms. The total collections of LICs amounted to 232.9 billion tenge (a year earlier - 134 billion tenge). LIC Nomad Life is the only company offering a Unit-linked investment life insurance product. As of April 1, 2024, the assets of LIC Nomad Life were 301.1 billion tenge, equity capital - 26.9 billion tenge, insurance reserves - 233.3 billion tenge. The market share of LIC Nomad Life in the life insurance industry, including Unit-linked sales, is 21.9%, which corresponds to 51.1 billion tenge.
The premiums on the Life Insurance class grew by 33.2% in April 2024 against an increase of 41.3% in March (all year-on-year). In total, LICs collected 71.7 billion tenge (53.8 billion tenge a year earlier). The share of life insurance premiums in the total LIC portfolio continued to reduce and formed 30.7%. LIC Halyk life retains its leadership in the life insurance segment with a 31.1 billion tenge portfolio. The LIC’s market share in the segment built up to 43.5% against 41.7% in March. LIC Nomad Life is in the second place with a volume of premiums of 16.2 billion tenge. The segment share of the LIC portfolio is 22.6% versus 24.6% at the end of March. LIC Freedom Finance Life is in the third place with 11.3 billion tenge of premiums. In April, the LIC expanded its market share to 15.8%, from 15.7% in March. Eight LICs collecting premiums in the life insurance segment demonstrated positive premium dynamics at the end of April. On annual basis, two LICs showed a decline in premiums. The share of the three largest LICs in the segment continues to shrink. At the end of April, it dropped to 81.9% compared to 84% a year earlier.
Premium fees in the class “Life insurance within the state educational savings system framework” (SESS) grew to 113.6 million tenge in April (16.6 million tenge a year earlier). In annual terms, the rate of premium collection is slowing down. The annual dynamics made 582.5% in April against the annual increase in March by 645.6%. LIC Eurasia is the leader of the segment with a 49 million tenge portfolio. The LIC portfolio made 43.2% of the segment. The company showed the highest dynamics of premium growth among LICs in monthly and annual terms. LIC Nomad Life is in the second place with a 22.7 million tenge portfolio and a 20% segment share. Both LICs showed an annual increase in SESS premiums above the market growth rate. LIC Freedom Finance Life remains in the third position with 19.9 million tenge, or a 17.6% market share in the segment. At the end of April, the fees of the top 3 LICs in the segment grew and enlarged their share of the three largest LICs in terms of SESS premiums to 80.8% against 75.5% in March.
Annuity insurance excluding retirement annuities accelerated in April 2024 and showed an increase in premiums by 36.2% versus a growth of 31.2% in March (all year-on-year). LICs collected 2.2 billion tenge in monetary terms (a year ago – 1.6 billion tenge). LIC KM Life is still leading in the segment with a 1.5 billion tenge portfolio or 67.6% of the market segment versus 75.3% in March (a year ago – 68.6%).
LIC Halyk life is the second with 455.6 million tenge. The company’s share in the segment is 20.3% versus 19.4% in March (a year ago – 28.8%). LIC Eurasia became the third major insurer in the segment. In April, the LIC’s portfolio grew to 125.1 million tenge and formed 5.6% of the market. LIC Standard Life with a 48.9 million tenge portfolio and 4.1% market share left the top three largest insurers in the annuity insurance segment excluding retirement annuities. The share of the three largest LICs in the class reduced to 93.4% from 97.1% in March (a year ago - 99.2%).
The dynamics of collection of retirement annuity premiums in annual terms boosted by 116.5% in April 2024 against a March increase of 77%. LICs collected 80.9 billion tenge in total (a year ago – 37.3 billion tenge). The share of retirement annuities in total LIC premiums at the end of April built up to 34.7% against 33.4% at the end of March.
LIC Halyk life remains the leader of the retirement annuity segment with a portfolio of 28.9 billion tenge. The segment share of the LIC grew to 35.8%, from 34.9% in March. LIC Nomad Life is in the second place with 23.9 billion tenge. The company’s share in the segment enlarged to 29.6% compared to 29.5% in March. The third position is taken by LIC Freedom Life with a 15.5 billion tenge portfolio. The segment share of the LIC decreased to 19.2% against 20.4% at the end of March. The portfolio of the top 3 LICs occupies 84.5% in the segment versus 84.8% in March and 81.8% a year earlier.
Accident insurance premiums collected by LICs in April 2024 accelerated their increase in annual terms by 117.1% against an annual growth of 56.9% in March. In monetary terms, the fees were 29.7 billion tenge (13.7 billion tenge a year earlier). The share of the accident insurance segment in total LIC fees is 12.7% versus 11% a year earlier. LIC Freedom Finance Life remains the leader in the AI segment by LIC with 20.3 billion tenge. The share of the company in the segment is 68.4% versus 68% in March (a year earlier – 47.7%). KM Life is in the second place with a 5.5 billion tenge portfolio. The company’s segment share is 18.6% versus 15.9% in March (a year earlier – 19.9%).The third place is occupied by LIC European Insurance Company (EIC) with a 2.8 billion tenge portfolio. The company’s share in the segment dropped to 9.5% against 12% in March (a year ago – 18.4%). The three largest accident insurers by LIC built up their participation in the segment to 96.5% (a year earlier - 85.6%).
Based on the results of April 2024, the dynamics of premiums in the sector “Insurance of an employee against accidents during the performance of work duties” (CAI) grew by 77.5% against an increase of 86% in March (all year). LICs collected 45.9 billion tenge (25.9 billion tenge a year ago) in total. The share of CAI premiums in total LIC fees amounted to 19.7% versus 19.3% a year earlier. LIC Halyk life is leading in the segment with 16.2 billion tenge. The leader's share in the segment is declining. At the end of April, it was 35.3% versus 40.8% in March and 44.9% in February (in April 2023 – 39.2%). LIC Nomad Life is the second with a 10.3 billion tenge portfolio, which corresponds to a 22.5% segment share versus 24.5% in March (in April 2023 - 26.8%). LIC Eurasia is the third with a 6.8 billion tenge portfolio. The company’s segment share boosted to 14.3% from 13.7% in March (in April 2023 – 3.5%). The premiums of the three largest LICs form 72.2% versus 71.8% a year earlier.
Health insurance premiums (VHI) by LIC accelerated their growth by 46.3% in April 2024 against an increase of 68.3% compared to the same period in 2023. The portfolio of premiums exceeded 2.2 billion tenge (1.5 billion tenge a year earlier) in absolute terms. LIC EIC retains its leadership in the segment with a 1.3 billion tenge portfolio, which is 60.1% of the market in the segment. The company’s share was 58.1% in March, and 72.4% in April 2023. LIC Eurasia with a 521.7 million tenge portfolio is in the second place. The company’s share in the segment decreased to 23.5% from 24.4% in March (in April 2023 – 16.2%). LIC Nomad Life is in the third place is with a 231.8 million tenge portfolio, which corresponds to a 10.4% share in the segment. The company’s share was 11.3% in March. The premiums of the top 3 LICs on voluntary health insurance by LICs are 93.9% versus 94.8% a year earlier.
As of April 1, 2024, the total assets of LICs reached 1.187 billion tenge, insurance reserves increased to 827.2 billion tenge, and equity capital grew to 265.2 billion tenge.
