LIC, SBI Life and ICICI Prudential Life are the top three life insurers in terms of renewal premium, shows latest IRDAI report. While LIC collected renewal premium of Rs. 2.19 lakh crore, SBI Life and ICICI Prudential Life grossed Rs. 29,630 crore and Rs. 22,507 crore, respectively in FY 2020-2021.
Notably, the above three insurers along with HDFC Life and Bajaj Allianz Life are the top five in both renewal premium and new business premium collection, the only difference being the positions of HDFC Life and ICICI Prudential Life — HDFC is ahead of ICICI in new business premium.
Overall, private players collected Rs. 1.30 lakh crore renewal premium in FY 2020-2021.
Overall, the life insurance industry collected Rs. 6.30 lakh crore as premium in FY 2020-2021. Of this, Rs. 2.80 lakh crore was new business premium and the rest Rs. 3.50 lakh crore was renewal premium.
Here’s a list of all life insurers along with the renewal premium they collected in FY 2020-2021:
|
Insurer |
Renewal premium |
|
Life Insurance Corporation |
2,18,857 |
|
SBI Life Insurance |
29,630 |
|
ICICI Prudential Life Insurance |
22,507 |
|
HDFC Life Insurance |
18,477 |
|
Max Life Insurance |
12,192 |
|
Tata AIA Life Insurance |
6,961 |
|
Kotak Mahindra Life Insurance |
5,844 |
|
Bajaj Allianz Life Insurance |
5,712 |
|
Aditya Birla Sun Life Insurance |
5,212 |
|
PNB MetLife India Insurance |
4,037 |
|
Reliance Nippon Life Insurance |
3,601 |
|
Canara HSBC OBC Life Insurance |
2,815 |
|
Exide Life Insurance |
2,544 |
|
IndiaFirst Life Insurance |
2,005 |
|
Star Union Dai-ichi Life Insurance |
1,835 |
|
Bharti AXA Life Insurance |
1,498 |
|
Ageas Federal Life Insurance |
1,327 |
|
Shriram Life Insurance |
1,138 |
|
Aviva Life Insurance |
945 |
|
Future Generali Life Insurance |
799 |
|
Edelweiss Tokio Life Insurance |
793 |
|
Pramerica Life Insurance |
767 |
|
Aegon Life Insurance |
464 |
|
Sahara India Life Insurance |
73 |
|
Private Total (all insurers except LIC) |
1,31,174 |
|
Grand Total |
3,50,031 |
*All numbers are in Rs crore