The company’s 2022-23 annual report states that only 12% of the addressable population in India is covered by retail protection policies, which presents a high growth potential. Factors like low penetration, higher financial saving as a percentage of GDP, rising urbanisation, young population, growing awareness and encouraging regulatory reforms will boost the insurance sector. Analysts expect a better performance due to growth in protection segment and increased contribution of agency and direct channels in distribution. Should you invest?