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Life insurance firms collected 13% more premium in FY 2022 compared to the year before. Life insurers collected Rs. 3.10 lakh crore as premium in FY2022 as against Rs. 2.70 lakh crore in FY 2021, shows the latest IRDAI data.
As expected, the state-run insurance behemoth LIC alone contributed over 60% to the total premium collection. The insurer received close to Rs.2 lakh crore as premium in FY 2022 compared to Rs.1.80 lakh crore in FY 2021.
Among the private players, SBI Life, HDFC Life and ICICI Prudential Life led the industry in premium collection. SBI Life collected Rs. 25,000 crore premium in FY 2022 while HDFC Life and ICICI Prudential Life received Rs. 24,000 crore and Rs. 15,000 crore, respectively.
Almost all insurers have registered impressive growth in premium collection. 19 out of 22 private insurers saw double-digit growth in premium, which went to as high as 66%. Only two life insurers — Future Generali India and Aegon Life — registered negative growth.
In the later part of the previous financial year, many life insurers raised term insurance rates by 20-30%. The move is likely to have boosted premium collection, resulting in a double-digit growth.
Ranking of life insurers (based on premium collection in FY 2022):
