Total gross life insurance company premiums showed an annual growth in June 2024 identical to May. The premiums increased by 77.5%, including unit-linked sales in May and by 77.3% in June. The monthly dynamics of premiums decreased to 23.2% against a growth of 34.2% in May. In total, life insurance companies collected 379.8 billion tenge. LIC Nomad Life remains the only company offering the Unit-linked investment life insurance product.
The premium collection in the Life Insurance class continued to decline in June 2024. The June dynamics amounted to 20.6% against the May dynamics of 26.2% (all - year-on-year). In total, life insurance companies collected 113.5 billion tenge (94 billion tenge a year earlier).
The share of life insurance premiums in the total life insurance company portfolio reduced to 29.9% (30.5% at the end of May).
LIC Halyk Life remains the leader in the life insurance segment with a 54.4 billion tenge portfolio. The company’s market share in the segment rose to 47.9% against 46.9% in May. LIC Nomad Life is in the second place with a volume of premiums of 22.3 billion tenge. The company’s share in the segment is 19.7% against 20.6% at the end of May. LIC Freedom Finance Life is in the third place with a premium portfolio of 17.4 billion tenge, which corresponds to a 15.4% share in the segment (15.2% at the end of May). Of the eight life insurance companies collecting premiums in the life insurance segment, two showed negative annual premium dynamics. The share of the three largest life insurance companies in the segment increased to 82.9% from 82.7% in May (85% as of the end of June 2023).
The collection of premiums in the Life Insurance within the State Education Savings System (SESS) class grew to 228 million tenge in June (36.6 million a year earlier). In annual terms, premiums built up by 522.4%, in monthly terms - 44.7%. In June, the leader in the SESS segment changed. LIC Halyk life moved up from the third to the first place collecting 87.2 million tenge, which corresponded to a 38.3% market share. The previous leader, LIC Eurasia, moved down to the second place with 59.2 million tenge and the market share of 26%. LIC Nomad Life moved down from the second to the third place. The company's premium portfolio amounts to 40.3 million tenge or a 17.7% market share. According to the results of June, the fees of the top 3 life insurance companies in the SESS segment increased to 81.9% against 79% in May (97.6% according to the results of June 2023).
Annuity insurance excluding retirement annuities reduced the fee dynamics to 20.4% in June 2024 against the dynamics of 30.4% in May (all - year-on-year). Over the month, premiums have increased by 16.4%. In monetary terms, the premiums exceeded 3 billion tenge (a year ago - 2.5 billion tenge). LIC KM Life remains the leader of the segment with a 2 billion tenge portfolio. The company’s share is 64.4% (in May - 65.5%). LIC Halyk life is the second with a portfolio of 755.9 million tenge, which corresponds to a 24.4% market share (22.3% in May). LIC Eurasia is the third with 125.1 million tenge or 4% of the segment (in May - 4.76%). The share of the three largest life insurance companies in the class is 93% against 92.5% in May (97.7% at the end of June 2023).
The dynamics of retirement annuity premium collection accelerated to 165.2% year-on-year in June 2024 against the dynamics of 148% in May. The premiums have increased by 28.3% over the month. Life insurance companies collected 142.5 billion tenge in total (a year ago - 53.7 billion tenge). The share of retirement annuities in total premiums of life insurance companies grew to 37.5% in May from 36% in May. LIC Halyk life retains its leadership in the retirement annuity segment with 52.9 billion tenge. The company’s share in the segment built up to 37.2% against 35.8% in May. LIC Nomad Life is the second with 41.3 billion tenge of premiums. Its segment share is 29% against 29.3% in May. LIC Freedom Life is the third with a 26.2 billion tenge portfolio. The company’s share in the segment is 18.4% against 18.5% in May. All life insurance companies performed positive annual premium dynamics. The portfolio of the top 3 life insurance companies makes 84.5% in the segment against (83.3% - according to the results of June 2023).
Accident insurance premiums (AI) collected by LICs accelerated by 146.6% year-on-year in June 2024, compared to a 133.9% increase in May. The premiums have grown by 28.3% over the month. LICs collected 48.7 billion tenge in total (19.7 billion tenge a year earlier). The share of the AI segment in total LIC fees has been 12.7% for the third month in a row. LIC Freedom Finance Life is still leading in the AI segment with a portfolio of 37 billion tenge. Its segment share enhanced to 76% from 72.7% at the end of May (a year earlier - 49.9%). KM Life is the second with 5.5 billion tenge. The company continues to show zero premium dynamics in the segment. Its share declined to 11.4% against 14.1% at the end of May. Third place is taken by life insurance company European Insurance Company (EIC) with a 4.3 billion tenge portfolio or 9% market share (9.3% at the end of May). Two of eight life insurance companies showed negative annual premium dynamics. The three largest accident insurers collected 96.3% of premiums against 96% at the end of May (a year earlier - 86%).
The premiums in the “Employee Accident Insurance in the Performance of Labor Duties” (CAI) sector grew by 64.5% at the end of June 2024 against a 71.8% increase at the end of May (all year - year). In total, life insurance companies collected 68.5 billion tenge (41.6 billion tenge - a year ago). Over the month, the premiums have built up by 17.2%. The share of CAI premiums in total fees of life insurance companies dropped to 18% against 18.9% in May. The leader of the segment is LIC Halyk Life with a 22.2 billion tenge portfolio. The company’s share in the segment reduced to 32.4%, while in May the share was 33.7%. LIC Nomad Life is in the second place with 15.7 billion tenge. The company’s share in the segment is 22.9% against 23.9% at the end of May. Life Insurance Company Eurasia is in the third place with a 10 billion tenge portfolio. Its segment share increased to 14.7% against 14% in May. The premiums of the three largest life insurance companies account for 70% versus 71.5% at the end of May (69.4% at the end of June 2023).
Health insurance premiums (VHI) collected by life insurance companies grew by 49.5% in June 2024 versus an 86.7% increase at the end of May (all year-on-year).
The premiums have built up by 16.5% over the month. The premium portfolio amounted to 3.3 billion tenge (2.2 billion tenge a year earlier) in absolute terms. Life Insurance Company EIC retains its leadership in the segment with a 2 billion tenge portfolio. The company’s share in the segment enhanced to 62.5% from 60.3% at the end of May.
Life Insurance Company Eurasia with 740.2 million tenge is in the second place. The segment share of the company decreased to 22.4% from 24.5% at the end of May. LIC Nomad Life is in the third place with a 324.3 million tenge portfolio, which is a 9.8% segment share (at the end of May - 9.9%). The premiums of the top 3 life insurance companies for voluntary health insurance by life insurance company formed 94.8% in June against 94.8% at the end of May (at the end of June 2023 - 95.1%).
As of July 1, 2024, the total regulatory assets of life insurance companies reached 1,284 billion tenge, insurance reserves grew to 926.5 billion tenge, and their own regulatory capital declined to 261.4 billion tenge against 265.2 billion tenge in early April 2024.
Photo is from open sources.
