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
