FY 2018-19 ended on a moderate note for both life and general insurance companies. While the growth of the new business premium of life insurers remained flat compared to last fiscal, non-life companies witnessed a slowdown in FY 2018-19, IRDAI data shows.
Life insurers
The new business premium of life insurers rose 11% to Rs.2.10 lakh crore in FY2018-19 from Rs.1.9 lakh crore in FY 2017-18.
Industry behemoth LIC India continued to hold the lion’s share. The state-owned insurer’s new business premium rose 5.7% to Rs.1.42 lakh crore last fiscal.
Meanwhile, the new business premiums of private life insurers increased 22% in FY 2018-19 to Rs.72,500 crore. Private insurers accounted for 34% of the total new business premium.
Among the private players, HDFC Life recorded highest growth of 32% in its new business premium in absolute terms. The insurer boasted 7% market share last fiscal.
In percentage terms, Tata AIA saw 66% growth in its new business premium last fiscal. Aditya Birla Sun Life and India First followed with 47% and 40% growth, respectively.
Further, the number of life insurance policies in FY 2018-19 increased by 1.7% to 2.87 crore.
Non-life insurers
The new business premium of non-life insurers rose 13% to Rs.1.7 lakh crore in FY 2018-19 from Rs.1.5 lakh crore in FY 2017-18.
PSU non-life company New India Insurance witnessed healthy growth. The new business premium of the insurer reached Rs.23,000 crore last fiscal. With this, the insurer captured 14% market share in the non-life industry.
Growth of life insurers in 2018-19
|
Insurer |
Premium in FY 2019 (in crore) |
Premium in FY 2018 (in crore) |
Growth (%) |
Market share |
|
HDFC |
14971.5 |
11349.13 |
31.92 |
6.97 |
|
SBI |
13792.03 |
10965.29 |
25.78 |
6.42 |
|
ICICI Prudential |
10251.81 |
9118.07 |
12.43 |
4.78 |
|
Max |
5159.55 |
4348.03 |
18.66 |
2.4 |
|
Bajaj Allianz |
4922.89 |
4290.85 |
14.73 |
2.3 |
|
Kotak Mahindra |
3977.11 |
3404.21 |
16.83 |
1.85 |
|
ABSL |
3916.1 |
2662.91 |
47 |
1.82 |
|
Tata AIA |
2475.9 |
1489.01 |
66.28 |
1.15 |
|
India First |
1994.15 |
1424.97 |
39.94 |
0.93 |
|
PNB Met |
1681.86 |
1427.05 |
17.86 |
0.78 |
|
Canara HSBC |
1406.3 |
1227.50 |
18.9 |
0.7 |
|
DHFL |
1220.25 |
1449.84 |
-15.84 |
0.6 |
|
Reliance Nippon |
1067 |
915.62 |
16.53 |
0.5 |
|
Bharti Axa |
910.67 |
730.71 |
24.63 |
0.42 |
|
Shriram |
822.72 |
815.92 |
0.83 |
0.38 |
|
IDBI Federal |
806.62 |
833.03 |
-3.17 |
0.4 |
|
Exide |
802.24 |
760.09 |
5.55 |
0.4 |
|
Future Generali |
714.9 |
582.2 |
22.8 |
0.33 |
|
Star Union Dai-ichi |
676.51 |
700.72 |
-3.46 |
0.3 |
|
Edleweiss Tokio |
455.63 |
342.52 |
33 |
0.21 |
|
Aviva |
283.83 |
325.57 |
-12.8 |
0.1 |
|
Aegon |
117.63 |
147.1 |
-20 |
0.05 |
|
Sahara |
0 |
4.26 |
-100 |
0 |
|
Private Insurers Total |
72481.17 |
59314.55 |
22.2 |
33.8 |
|
LIC India |
142191.7 |
134551.7 |
5.68 |
66.24 |
|
Grand total |
214672.9 |
193866.2 |
10.73 |
100 |
Growth of non-life insurers in 2018-19
|
INSURER |
Premium in FY 19 (in crore) |
Premium in FY 18 (in crore) |
Market share till March 2019 (%) |
Growth (%) |
|
Acko General Insurance |
141.15 |
0.92 |
0.08 |
15,242.39 |
|
Bajaj Allianz General Insurance |
11,058.96 |
9,445.22 |
6.50 |
17.09 |
|
Bharti AXA General Insurance |
2,258.87 |
1,753.58 |
1.33 |
28.81 |
|
Cholamandalam MS General Insurance |
4,428.14 |
4,102.48 |
2.60 |
7.94 |
|
DHFL General Insurance |
243.06 |
141.08 |
0.14 |
72.29 |
|
Edelweiss General Insurance |
92.55 |
1.30 |
0.05 |
7,019.23 |
|
Future Generali India Insurance |
2,554.01 |
1,906.38 |
1.50 |
33.97 |
|
Go Digit General Insurance |
1,204.98 |
93.74 |
0.71 |
1,185.45 |
|
HDFC Ergo General Insurance |
8,612.85 |
7,289.97 |
5.06 |
18.15 |
|
ICICI Lombard General Insurance Company Limited |
14,488.23 |
12,356.85 |
8.52 |
17.25 |
|
IFFCO Tokio General Insurance |
7,002.00 |
5,631.89 |
4.12 |
24.33 |
|
Kotak Mahindra General Insurance |
301.11 |
185.39 |
0.18 |
62.42 |
|
Liberty General Insurance |
1,125.00 |
816.53 |
0.66 |
37.78 |
|
Magma HDI General Insurance |
970.11 |
526.69 |
0.57 |
84.19 |
|
National Insurance |
15,178.23 |
16,193.55 |
8.92 |
(6.27) |
|
Raheja QBE General Insurance |
115.96 |
83.45 |
0.07 |
38.96 |
|
Reliance General Insurance |
6,191.03 |
5,069.08 |
3.64 |
22.13 |
|
Royal Sundaram General Insurance |
3,172.63 |
2,623.44 |
1.87 |
20.93 |
|
SBI General Insurance |
4,706.55 |
3,544.20 |
2.77 |
32.80 |
|
Shriram General Insurance |
2,356.35 |
2,100.76 |
1.39 |
12.17 |
|
Tata AIG General Insurance |
7,742.66 |
5,435.92 |
4.55 |
42.44 |
|
The New India Assurance |
23,910.77 |
22,718.76 |
14.06 |
5.25 |
|
The Oriental Insurance |
13,246.31 |
11,452.05 |
7.79 |
15.67 |
|
United India Insurance |
16,384.60 |
17,429.95 |
9.63 |
(6.00) |
|
Universal Sompo General Insurance |
2,830.92 |
2,310.86 |
1.66 |
22.51 |
|
General Insurers Total |
1,50,317.03 |
1,33,214.04 |
88.36 |
12.84 |
|
Aditya Birla Health Insurance |
496.80 |
243.17 |
0.29 |
104.30 |
|
Apollo Munich Health Insurance |
2,196.92 |
1,717.51 |
1.29 |
27.91 |
|
Cigna TTK Health Insurance |
484.82 |
346.40 |
0.29 |
39.96 |
|
Max Bupa Health Insurance |
947.14 |
754.47 |
0.56 |
25.54 |
|
Religare Health Insurance |
1,825.57 |
1,091.61 |
1.07 |
67.24 |
|
Star Health & Allied Insurance |
5,413.48 |
4,161.11 |
3.18 |
30.10 |
|
Reliance Health Insurance |
4.09 |
NA |
0.00 |
NA |
|
Stand-alone Pvt Health Insurers |
11,368.82 |
8,314.27 |
6.68 |
36.74 |
|
Agricultural Insurance Company of India |
7,178.21 |
7,893.39 |
4.22 |
(9.06) |
|
ECGC |
1,247.54 |
1,240.39 |
0.73 |
0.58 |
|
Specialized PSU Insurers |
8,425.75 |
9,133.78 |
4.95 |
-7.75 |
|
GRAND TOTAL |
1,70,111.60 |
1,50,662.09 |
100.00 |
12.91 |