Life insurance market leaders showed the growth and fall of the collected premiums
In the first quarter, the two largest companies in the life insurance market-Sberbank Life Insurance and Sogaz-Life-showed an increase in fees following the results of the first quarter. According to experts, this is primarily due to the development of the sales channel. Two other insurers from among the largest ones-Alfastrakhovanii-Life and Rosgosstrakh Life, feasts fell, since companies in the reporting period conducted changes in business models.
“Kommersant” analyzed the results of the activities of the seven of the largest insurers in the life insurance segment in the first quarter based on the data of the Central Bank. Market leader – « Sberbank Life Insurance » – showed an increase in the collection of bonuses five times relative to the same period of 2024. They amounted to 236.2 billion rubles. The volume of fees « Sogaz-life » (second place) doubled, to 62.7 billion rubles. At the same time, in general, the life insurance market increased by 46%, to 845.4 billion rubles.
The growth of fees in the first quarter is mainly associated with a change in the approach to current products and the launch of innovative ones, they say in Sberbank Life Insurance. The company updated the conditions for the life of life insurance with the mechanism of daily accumulation, “offering customers the best profitability,” and launched the product of shared life insurance at its own license, explain there. In Sogaz-Life did not respond to the request of Kommersant.
The situation is due to high short -term revenues in storage and investment life insurance and the predominance of short -term contracts in the market, said Alexei Yanin, managing director of ratings of insurance and investment companies. “A high key rate (21%) makes insurance products with guaranteed profitability more attractive than bank deposits,” explains Nikita Evseenko, director of the Rexoft Insurance Department. “However, a significant part of the growth is technical in nature: mass prolongation of short policies (three to six months) leads to multiple accounting of the same contributions in the reporting, artificially artificially, artificially, artificial overestimated market volumes. «
Speaking about specific growth factors, experts indicate developed market sales channels.
From the report of the Central Bank, it follows that in the first quarter of this year, the share of sales through intermediaries increased by 4.3 percentage points (p.), To 78.5% of the total bonuses, while the share of the banking channel increased by 14.7 pp, to 51% of the total premiums. This effect was especially pronounced among Sberbank Life Insurance, where growth is due to natural demand, dominance in the banking channel of sales and the active promotion of short NSG policies with high profitability through it, Mr. Evseenko notes.
845.4 billion rubles
Compiled the volume of premiums in the life insurance market according to the results of the first quarter of 2024, according to the Central Bank
In the case of Sogaz-Life, growth could be achieved at the expense of cross sales, an independent expert Andrei Barhota observes. According to Pavel Samiev, the general director of the business agency, Sogaz-Life, could also increase the number of insurance agents: the company offers them high commissions.
« Comcombank Life Insurance » (fourth place) showed the increase in fees almost four times, up to 25.6 billion rubles. This is mainly due to joining « Inlaife life insurance » in 2024.
Other TOP-7 insurers showed not such high growth rates: « Renaissance Life » (fifth place) increased by 39%, to 24.4 billion rubles. « Ingosstrakh-Life » (seventh place) – by 74%, up to 10.7 billion rubles.
« Alfastrakhovanie-Life » (third place) and « Rosgosstrakh Life » (sixth place) showed a reduction in fees by 17%, to 52 billion rubles, and 10%, to 14.7 billion rubles, respectively, in the first quarter, a year by the year. In Alfrakhuvka-Life did not respond to the request of Kommersant. The company could change priorities and redistribute capital to other, more promising, according to the company, directions, in particular the DSG, the launch of which is required by resources, says Mr. Barhota. Earlier, the company announced such plans (See “Kommersant” from April 2).
According to the general director of Rosgosstrakh Life, Vladimir Smirnov, a decrease in the total bonuses following the results of the first quarter was due to the fact that this year the company did not work in the loan insurance segment, unlike the first quarter of 2024. “The total amount of bonuses was not a landmark for us, we consider the structure of sales and focus on long -term products much more important for ourselves, as well as the volume of assets under the control, that is, insurance reserves, which increased by 31%, to 163.3 billion rubles, according to data at the end of the first quarter,” he notes.
