Life insurance premiums showed a negative trend of 2% in annual terms in February against an increase of 47.9% in February last year and growth of 54.3% in January. In monetary terms, LICs collected 24.8 billion tenge (a year ago - 25.3 billion tenge). The share of the total life insurance portfolio in total LIC premiums was 35.9%, while in January it reached 41.2%, and in February 2022, life insurance formed 51.1% in the total LIC portfolio.
The leader in the life insurance segment changed in February 2023. LIC Halyk life returned its leadership lost in January. The company collected 8.4 billion tenge of premiums and formed a 34.1% share in the segment. The January leader LIC European Insurance Company (EIC) went down to the second place with 7.1 billion tenge of premiums and segment share of 28.9%. LIC Nomad Life is the third with a portfolio of 5.4 billion tenge and a 22.1% share in the segment. The concentration of premiums of the three largest LICs in the class dropped to 85.1% against 89.3% in January. Only 3 out of 9 LICs collecting life insurance premiums, showed an increase in premiums in annual terms.
The SESS data was reflected in the February statistics for the first time. The volume of premiums amounted to 1.8 billion tenge. 3 LCLs started working in the segment. LIC Halyk life is leading with a portfolio of 1 billion tenge (55.1% of the market), followed by LIC Freedom Life with a portfolio of 570 million tenge (30.3% of the market), LIC Eurasia is the third with a 275 million tenge portfolio of and 14.6% market share.
Annuity insurance excluding retirement annuities built up by 116.3% in annual terms in February 2023 and exceeded 2 billion tenge. The premiums grew by 45.8% in January. All seven LICs collecting premiums in this segment showed positive annual dynamics of premiums. LIC Centras Kommesk Life became the segment leader in February with 1.19 billion tenge of premiums (58.5% of the segment share). LIC KM Life went down to the second place with a portfolio of 504.3 million tenge (24.7% of the segment). The third place is taken by LIC Halyk life with 322.7 million tenge of premiums and 15.8% market share. The share of the three largest LICs in the segment is 99%.
The volume of retirement annuity premiums rose by 94.8% to 20.9 billion tenge in February 2023 against a fall of 65.3% in February 2022 and an increase in premiums in January by 59.5%. The share of retirement annuities in total LIC premiums increased to 30.3% against 27.2% in January. LIC Nomad Life remains the leader in the retirement annuity segment with 7 billion tenge of premiums and a 33.7% segment share. LIC Halyk life with a 6.7 billion tenge portfolio and a 32.4% segment share is in the second place.
The third place is occupied by LIC Freedom Life with a portfolio of 4.4 billion tenge and segment share of 21.3%. The share of the three largest LICs in the class increased to 87.4% against 84.7% in January.
Accident insurance premiums collected among LICs rose by 482.7% year-on-year to 8.4 billion tenge in February 2023 against a fall of 63.9% in February 2022. However, the growth in February was lower than one in January, when premiums increased by 784% in annual terms. Four out of 6 LICs collecting premiums on AI showed positive dynamics, and two of them were above the market. The share of the AI segment in total LIC premiums decreased to 12.3% against 13.6% in January.
The leader in the AI segment changed in February 2023. LIC Freedom Life returned to the first position and to the top three largest companies, which it had left in January. The portfolio of LIC Freedom Life on Accident Insurance amounted to 3.5 billion tenge (42.3% of the segment against 13.8% in January). KM Life with a 2.4 billion tenge portfolio (28.7% of the segment against 49.5% in January) dropped to the second place. LIC ESK is the third with a 1.2 billion tenge portfolio (14.1% of the segment against 16.2% in January). LIC Halyk life with a portfolio of 1.13 billion tenge and a 13.4% share (according to the results of January, the share was 18.6%), left the top three leaders of the Accident Insurance segment in terms of LIC premiums.
The premiums in the sector "Insurance of an employee against accidents in the performance of their labor duties" (CAI) grew by 71.2%, to 12 billion tenge at the end of February 2023, against an increase of 18.8% in February 2022 (all - a year by the year). The premiums showed the dynamics of 114.9% in January. LIC Nomad Life remains the leader of the segment. The company’s portfolio was 5.4 billion tenge in absolute terms increasing its share in the segment to 45.6% against 39.6% in January. LIC Halyk life is in the second place with a 3 billion tenge portfolio and a 25.3%market share. LIC Freedom Life remains the third largest insurer in the segment with a portfolio of 1.3 billion tenge and share of 11%. The share of the three largest LICs in the class is 81.8%.
Health insurance premiums (VHI) by LIC dropped by 45.6% in February 2023 against an increase of 101.9% in February 2022 (all year-on-year) and growth of 44% in January. The premiums amounted to 711.5 million tenge in absolute terms.
LIC EIC remains the segment leader with a portfolio of 576.9 million tenge occupying 81.1% of the segment (69.7% in January). LIC KM Life ranks second with a portfolio of 70.1 million tenge and segment share of 9.9% (27.2% in January). LIC Freedom Life took the third place with a portfolio of 59.9 million tenge and segment share of 8.4% (1% in January). LIC Eurasia with a portfolio of 1.7 million tenge and share of 0.2% (in January - 1.5%) left the top three largest LICs in VHI among LICs.
As of February 1, 2023, the total assets of LICs increased by 17.9% (yoy) and were 919.5 billion tenge. The insurance reserves grew by 23% exceeding 660.7 billion tenge. The equity capital of LICs built up by 21.8% (yoy) amounting to 173.6 billion tenge.
Photos are from open sources.
