Top life insurance companies fared better than expected in covid-hit financial year 2021. SBI Life Insurance and HDFC Life Insurance ended FY 2021 with a rise in yearly profit of 2% and 5%, respectively.
However, ICICI Prudential Life Insurance's numbers were not so good. The insurer's profit fell over 10% in FY 2021.
In absolute terms, the SBI Life, HDFC Life and ICICI Prudential Life posted a net profit of Rs 1,456 crore, Rs 1,360 crore and Rs 960 crore, respectively.
Company |
Profit FY21 |
Profit FY20 |
Change (%) |
SBI Life |
1,456 |
1,422 |
2 |
HDFC Life |
1,360 |
1,295 |
5 |
ICICI Prudential Life |
960 |
1,069 |
-10 |
*All numbers are in Rs crore except for percentages
AUM logs healthy gains
The AUM of the life insurers registered a significant growth in FY 2021. While SBI Life's AUM rose 38% to Rs 2.2 lakh crore, HDFC Life's AUM went up 37% to Rs 1.37 lakh crore.
ICICI Prudential Life' AUM zoomed 40% to Rs 2.14 lakh crore.