Russia: GWP of SBERBANK Life insurance in Q1 2018 jumped by 80.3% y-o-y
The number of new ILI clients during the first 3 months resulted in 21.3 thousand persons (+63%; it makes 8% of the total company's clients), and the market share of the insurer's ILI product exceeded 35%. Growth rate of the company's total GWP in Q1 was strong - by 82%, and ILI share in it amounted to 68%. Among the company's clients 89% are represented by men and women older than 40 years, 8% - between 30 and 40 years and 3% - up to 30 years. The average cost of ILI also increased during Q1 by 13% y-o-y.
"Average maximal bank deposit rate in April decreased to the historical minimum of 6.4%. As a result, clients' interest in alternative financial products is improving, those products ensure not only potential profit, but also 100% protection of the investment, which can be demonstrated by our company's figures. We assumed that in 2018 ILI will contribute RUB 300 billion in the market total GWP", commented Boris BORZUNOV, senior investment analyst of the company.
SBERBANK Life insurance is the leader of the Russian life market and is included into TOP-5 local insurers in terms of general insurance.