The life insurance industry witnessed an impressive growth in its AUM in FY 2018-19. IRDAI’s annual report shows that life insurance industry’s AUM went up by 10.7%, from Rs.31 lakh crore in March 2018 to Rs.35 lakh crore in March 2019.
Traditional policies such as endowment, money back and whole life insurance policies account for as much as 66% of the total industry’s AUM. The AUM of life policies reached close to Rs.24 lakh crore. The AUM of these policies went up from Rs.21.37 lakh crore to Rs.23.47 lakh crore in FY 2018-19, a growth of 10%. Of the Rs.24 lakh crore in life policies, LIC India accounts for 87% or Rs.20.42 lakh crore.
Similarly, the AUM of pension and general annuity (including group policies) increased from Rs.6.74 lakh crore in FY 2017-18 to Rs.7.74 lakh crore in FY 2018-19. At 15%, this category was the fastest growing last financial year.
AUM of ULIPs increased to Rs.4.11 lakh crore in FY 2018-19, from Rs.3.77 lakh crore in FY 2017-18, marking a growth of over 9%.
LIC India accounts for 78% of the total AUM of life insurance industry with assets of Rs.27.61 lakh crore. LIC India AUM grew 9.24% last fiscal. On the other hand, private life insurers managed over Rs.7 lakh crore assets last fiscal.
In terms of growth percentage, the AUM of private life insurers grew faster compared to LIC. Private insurers witnessed a growth of 17% in AUM, from Rs.6.62 lakh crore as on March 2018 to Rs.7.72 lakh crore as on March 2019.
Among the top ten private insurers, ICICI Prudential retained its top position with AUM of over Rs.1.5lakh crore (15% growth) while SBI Life stood at the second position with AUM of Rs.1.3 lakh crore (22% growth). Both SBI and Kotak Mahindra recorded the highest growth of 22% and 21% respectively in their AUMs.
|
Insurer |
Total AUM value 2018-19 (Rs. In crore) |
Total AUM value 2017-18 (Rs. In crore) |
Change |
|
LIC |
2,760,658 |
2,526,923 |
9% |
|
ICICI Pru |
157,236 |
136,239 |
15% |
|
SBI |
139,970 |
115,171 |
22% |
|
HDFC Life |
124,551 |
105,976 |
18% |
|
MAX |
62,292 |
51,855 |
20% |
|
Bajaj Allianz |
55,548 |
50,790 |
9% |
|
Aditya Birla Sun Life |
40,258 |
36,686 |
10% |
|
Kotak Mahindra |
29,936 |
24,677 |
21% |
|
Tata AIA |
27,670 |
23,477 |
18% |
|
PNB Metlife |
20,313 |
17,237 |
18% |
|
Private Insurers Total |
7,72,484 |
6,62,137 |
17% |
|
Industry Total |
35,33,142 |
31,89,060 |
11% |
Source - IRDAI