Despite the pandemic and lockdown, life insurance companies have received new business premium of Rs.2.78 lakh crore in FY 2020-21, shows the latest IRDAI data.
Compared to FY 2019-20 when the industry received new business premium of Rs.2.59 lakh crore, life insurers have seen 8% growth in its new business premium collection by adding another Rs.20,000 crore.
The growth is largely on account of private companies as they have witnessed a cumulative growth of 16% in new business premium collection. The new business premium collection of private life insurers has increased to Rs.94,103 crore in FY21 as compared to Rs.80,919 crore in FY20.
Among private players, SBI Life has secured the top position in terms of highest new business premium with Rs.20,625 crore followed by HFDC Life (Rs.20,242 crore) and ICICI Prudential Life (Rs.13,032 crore).
LIC which recorded 4% rise in its new business premium collection has contributed Rs.1.84 lakh crore to the industry’s new premium collection kitty.
However, the insurers have witnessed decline in number of new policies sold. IRDAI data shows that the industry has sold 2.81 crore new policies in FY 2021 compared to 2.88 crore policies in FY2020.
|
Insurer |
|
|
|
|
|
Up to 31st March, 2020 |
Up to 31st March, 2021 |
Growth in % |
Market Share |
|
|
LIC of India |
177977 |
184175 |
3.48 |
66.18 |
|
SBI Life |
16592 |
20625 |
24.31 |
7.41 |
|
HDFC Life |
17396 |
20242 |
16.36 |
7.27 |
|
ICICI Prudential Life |
12348 |
13032 |
5.54 |
4.68 |
|
Max Life |
5584 |
6827 |
22.27 |
2.45 |
|
Bajaj Allianz Life |
5179 |
6313 |
21.9 |
2.27 |
|
Kotak Mahindra Life |
5106 |
5257 |
2.95 |
1.89 |
|
Aditya Birla Sun Life |
3657 |
4564 |
24.81 |
1.64 |
|
Tata AIA Life |
3241 |
4144 |
27.86 |
1.49 |
|
Canara HSBC OBC Life |
1528 |
2303 |
50.79 |
0.83 |
|
PNB Met Life |
1779 |
1996 |
12.23 |
0.72 |
|
India First Life |
1772 |
1931 |
8.92 |
0.69 |
|
Star Union Dai-ichi Life |
771 |
1164 |
50.96 |
0.42 |
|
Reliance Nippon Life |
1006 |
1135 |
12.81 |
0.41 |
|
Shriram Life |
709 |
885 |
24.91 |
0.32 |
|
Bharti Axa Life |
829 |
783 |
-5.49 |
0.28 |
|
Exide Life |
889 |
781 |
-12.15 |
0.28 |
|
Ageas Federal Life |
561 |
632 |
12.71 |
0.23 |
|
Future Generali Life |
767 |
523 |
-31.84 |
0.19 |
|
Edelweiss Tokio Life |
383 |
455 |
18.82 |
0.16 |
|
Pramerica Life |
515 |
228 |
-55.62 |
0.08 |
|
Aviva Life |
218 |
220 |
1.22 |
0.08 |
|
Aegon Life |
92 |
62 |
-32.66 |
0.02 |
|
Sahara Life |
0 |
0 |
NA |
0 |
|
Private Total |
80919 |
94103 |
16.29 |
33.82 |
|
Grand Total |
258896 |
278278 |
7.49 |
100 |
(in crores)