Life insurance industry has AUM of Rs.39 lakh crore as on March 2020, shows the IRDAI’s annual report.
In March 2019, the life insurance industry had AUM of Rs.35 lakh crore indicating growth of over 10% in one year.
LIC India has remained the largest life insurance company with assets of Rs.31 lakh crore as on March 2020. LIC India’s assets has grown by over 11% i.e. from Rs.28 lakh crore in March 2019.
SBI and ICICI Prudential followed LIC India with assets of Rs.1.62 lakh crore and Rs.1.52 lakh crore as on March 2020, respectively.
While SBI Life has recorded 16% growth in its assets, ICICI Prudential registered a 3% decline in its AUM growth.
Overall, private life insurers have witnessed 6% in assets from Rs.7.72 lakh crore in March 2019 to Rs.8.19 lakh crore in March 2020.
Of the 24 life insurers, 21 companies have recorded growth in assets. ICICI Prudential Life, India First Life and Aviva Life were the three private insurers to witness a decline in AUM.
Traditional policies
AUM of traditional policies like whole life insurance policies, endowment policies and money back policies has grown by 13% to Rs.26 lakh crore in March 2020 from Rs.23 lakh crore in March 2019.
Currently, traditional policies account for 66% of the total assets of the life insurance industry. This is largely due to contribution from LIC India with contribution of close to Rs.23 lakh crore.
SBI Life, ICICI Prudential and Kotak Life followed LIC India with assets close to Rs.50,000 crore in traditional policies.
Annuity
With 23% contribution to the total assets, AUM of annuity products or pension plans has increased by 16% to Rs.9 lakh crore in March 2020 from Rs.8 lakh crore in March 2019.
LIC India, SBI Life and HDFC were the top three players in annuity market.
ULIPs
Due to mark-to-market losses, AUM of ULIPs have fallen by 9% to Rs.3.73 lakh crore in March 2020.
Currently, the share of ULIPs were 10% in the overall assets of the life insurance industry.
ICICI Prudential is the highest contributor to ULIP assets with AUM of Rs.97,000 crore. SBI Life and HDFC Life followed ICICI Prudential with assets of Rs.78,000 crore and Rs.54,000 crore, respectively.
|
Insurer |
AUM 2019 (in crore) |
AUM 2020 (in crore) |
Growth (%) |
|
LIC |
27,60,658.12 |
30,70,852.47 |
11% |
|
SBI Life |
1,39,970.37 |
1,62,289.36 |
16% |
|
ICICI Prudential Life |
1,57,236.67 |
1,52,203.27 |
-3% |
|
HDFC Life |
1,24,551.07 |
1,28,173.98 |
3% |
|
Max Life |
62,292.84 |
69,109.79 |
11% |
|
Bajaj Allianz Life |
5,548.96 |
56,185.89 |
913% |
|
Aditya Birla Sun Life |
40,258.63 |
41,112.33 |
2% |
|
Kotak Mahindra Life |
29,936.40 |
34,727.20 |
16% |
|
Tata AIA Life |
27,670.46 |
31,195.48 |
13% |
|
PNB Met Life |
20,313.37 |
22,477.56 |
11% |
|
Reliance Nippon Life |
20,074.77 |
20,288.79 |
1% |
|
Exide Life |
13,995.53 |
15,589.14 |
11% |
|
Canara HSBC OBC Life |
14,848.39 |
15,396.44 |
4% |
|
India First Life |
14,823.26 |
14,540.60 |
-2% |
|
IDBI Federal Life |
8,792.77 |
9,553.07 |
9% |
|
Star Union Dai-ichi Life |
8,000.43 |
9,207.49 |
15% |
|
Aviva Life |
9,436.95 |
9,179.29 |
-3% |
|
Bharti Axa Life |
5,693.22 |
6,962.08 |
22% |
|
Shriram Life |
4,159.88 |
4,880.33 |
17% |
|
Prameri24 Life |
4,371.60 |
4,864.55 |
11% |
|
Future Generali Life |
3,768.00 |
4,387.07 |
16% |
|
Edelweiss Tokio Life |
2,884.96 |
3,126.77 |
8% |
|
Aegon Life |
2,489.40 |
2,564.10 |
3% |
|
Sahara |
1,366.32 |
1,407.04 |
3% |
|
Private total |
7,72,484.72 |
8,19,421.62 |
6% |
|
Grand Total |
35,33,142.84 |
38,90,274.09 |
10% |
