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  • Insurance LIC has 64% share in life insurance premium, SBI Life and HDFC Life biggest private players

    LIC has 64% share in life insurance premium, SBI Life and HDFC Life biggest private players

    LIC collected a total of Rs. 4 lakh crore as life insurance premium in FY 2020-2021, second-ranked SBI Life received Rs. 50,254 crore.
    Abhishek Kumar Jan 10, 2022

    LIC, SBI Life and HDFC Life collected the highest premium in FY2020-2021, as per IRDAI data. They were ahead of peers in both new business and renewals.

    LIC collected a total of Rs. 4 lakh crore as life insurance premium in FY 2020-2021. Of this, 46% was new business premium and the rest 54% came through renewals.

    The next biggest life insurers — SBI Life and HDFC Life — reported a similar new business premium at Rs. 20,624 crore and Rs. 20,107 crore, respectively. However, SBI Life is much ahead of HDFC Life in total premium collection, thanks to a much higher premium collection through renewals.

    Data reveals that despite the success of numerous private players, LIC still holds the lion's share of the market. Its yearly premium collection is eight times that of the nearest competition — SBI LIfe. LIC has a 64% share in the total premium collection of the industry.

    Overall, the life insurance industry collected Rs. 6.3 lakh crore as premium in FY 2020-2021. Of this, Rs. 2.8 lakh crore was new business premium and the rest Rs. 3.5 lakh crore was renewal premium.

    Here’s a list of all life insurers along with the premium they collected in FY 2020-2021:

    Insurer

    New Business (First Year+ Single)

    Renewal

    Total (new +renewal)

    Life Insurance Corporation

    1,84,430

    2,18,857

    4,03,287

    SBI Life Insurance

    20,624

    29,630

    50,254

    HDFC Life Insurance

    20,107

    18,477

    38,583

    ICICI Prudential Life Insurance 

    13,226

    22,507

    35,733

    Max Life Insurance

    6,826

    12,192

    19,018

    Bajaj Allianz Life Insurance

    6,313

    5,712

    12,025

    Tata AIA Life Insurance

    4,144

    6,961

    11,105

    Kotak Mahindra Life Insurance 

    5,257

    5,844

    11,100

    Aditya Birla Sun Life Insurance

    4,564

    5,212

    9,775

    PNB MetLife India Insurance

    1,996

    4,037

    6,033

    Canara HSBC OBC Life Insurance 

    2,301

    2,815

    5,116

    Reliance Nippon Life Insurance

    1,135

    3,601

    4,736

    IndiaFirst Life Insurance

    2,051

    2,005

    4,056

    Exide Life Insurance

    781

    2,544

    3,325

    Star Union Dai-ichi Life Insurance 

    1,164

    1,835

    2,999

    Bharti AXA Life Insurance 

    783

    1,498

    2,281

    Shriram Life Insurance

    880

    1,138

    2,019

    Ageas Federal Life Insurance

    632

    1,327

    1,959

    Future Generali Life Insurance 

    523

    799

    1,322

    Edelweiss Tokio Life Insurance 

    455

    793

    1,248

    Aviva Life Insurance

    220

    945

    1,165

    Pramerica Life Insurance

    227

    767

    994

    Aegon Life Insurance

    62

    464

    526

    Sahara India Life Insurance

    0

    73

    73

    Private Total (all insurers except LIC)

    94,270

    1,31,174

    2,25,444

    Grand Total

    2,78,700

    3,50,031

    6,28,731

    *All numbers are in Rs crore

    Have a query or a doubt?
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