LIC, SBI Life and HDFC Life collected the highest new business premium in FY 2020-2021, followed by HDFC Life and ICICI Prudential Life.
As per the IRDAI annual report 2021, LIC was much ahead of its peers in selling life insurance policies in FY 2020-2021. The public sector giant collected Rs. 1.84 lakh crore as premium through sale of new policies in the previous financial year. SBI Life came in second with new business premium of Rs. 20,624 crore, followed by HDFC Life, which collected Rs. 20,107 crore.
Overall, private players together collected Rs. 94,270 crore as first year premium. Apart from SBI Life and HDFC Life, ICICI Prudential Life, Max Life and Bajaj Allianz Life were among the top private players.
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 first year premium they collected in FY 2020-2021:
|
Insurer |
New Business (First Year+ Single) |
|
Life Insurance Corporation |
1,84,430 |
|
SBI Life Insurance |
20,624 |
|
HDFC Life Insurance |
20,107 |
|
ICICI Prudential Life Insurance |
13,226 |
|
Max Life Insurance |
6,826 |
|
Bajaj Allianz Life Insurance |
6,313 |
|
Kotak Mahindra Life Insurance |
5,257 |
|
Aditya Birla Sun Life Insurance |
4,564 |
|
Tata AIA Life Insurance |
4,144 |
|
Canara HSBC OBC Life Insurance |
2,301 |
|
IndiaFirst Life Insurance |
2,051 |
|
PNB MetLife India Insurance |
1,996 |
|
Star Union Dai-ichi Life Insurance |
1,164 |
|
Reliance Nippon Life Insurance |
1,135 |
|
Shriram Life Insurance |
880 |
|
Bharti AXA Life Insurance |
783 |
|
Exide Life Insurance |
781 |
|
Ageas Federal Life Insurance |
632 |
|
Future Generali Life Insurance |
523 |
|
Edelweiss Tokio Life Insurance |
455 |
|
Pramerica Life Insurance |
227 |
|
Aviva Life Insurance |
220 |
|
Aegon Life Insurance |
62 |
|
Sahara India Life Insurance |
0 |
|
Private Total (all insurers except LIC) |
94,270 |
|
Grand Total |
2,78,700 |
*All numbers are in Rs crore