We are maintaining our stable outlook on the life insurance sector for 2022. Nonetheless, insurers continue to face challenges related to their investment exposure to heightened volatility in the capital market.
Large life insurers will continue to enjoy stable business momentum and market share going forward, but small players will face more difficulties when sector growth stagnates. In the first eleven months of 2021, premium growth in the life insurance sector dropped by 1.6% YoY. Given the limited ability of small players to grow through investment-type products thanks to tightened regulations since 2017, larger companies are in a good position to defend their market share with their strong distribution channels for protection products.
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