Bank-sponsored insurers retain scale advantage, but non-bank players are steadily gaining share through faster growth and diversified distribution. Profitability and capital profiles diverge, with non-bank insurers facing higher strain and high-cost structure. High reliance on banca channels creates concentration risk for the sector, necessitating broader partner and channel diversification.  Bancassurance remains the dominant distribution channel for the sector, with bank sponsored insurers exhibiting high reliance on it, while non-bank insurers benefit from a more diversified sourcing mix supported by agency and broker channels.

Exhibit: NBP (individual and group) and YoY growth