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Life insurance industry has AUM of Rs.49.52 lakh crore as on March 2022, shows the IRDAI’s annual report. The industry witnessed an increase of 11% in AUM compared to March 2021.
LIC manages the lion share of the life insurance assets with AUM of 74% of the total life insurance business. The life insurer has almost three times the total private assets. While private players have a total asset base of Rs. 12.73 lakh crore, LIC alone manages Rs. 36.79 lakh crore.
SBI Life and ICICI Prudential Life followed LIC for the second and third position with AUM of Rs. 2.64 lakh crore and Rs. 2.36 lakh crore, respectively.
HDFC Life (Rs. 2.02 lakh crore), Max Life (Rs. 1.07 lakh crore), Bajaj Allianz Life (Rs. 83,400 crore), Aditya Birla Sun Life (Rs. 60,500 crore) and Tata AIA Life (Rs. 57,000 crore) are the next on the list.
Notably, of the total 24 life insurers, 21 insurers report a double-digit growth in their AUM over the last financial year. In % terms, Edelweiss Tokio Life has the highest growth of 29%, followed by TATA AIA Life (27%) and Star Union Dai-ichi Life (24%).
Here is the ranking of life insurers in terms of assets managed as on March 31, 2022.
AUM of traditional policies and term plans
Interestingly, traditional policies and term policies account for 64% of the total assets. This is largely due to contribution from LIC India with contribution of close to Rs.27 lakh crore.
AUM of traditional policies like whole life insurance policies, endowment policies and money back policies and pure term plans has grown by 10% to Rs.32 lakh crore in March 2022 from Rs.29 lakh crore in March 2021.
HDFC Life, ICICI Prudential and SBI Life followed LIC India with assets over Rs.72,000 crore in traditional policies.
AUM of pension and annuity
With 24% contribution to the total assets, AUM of annuity products or pension plans has increased by 12% to Rs.10.42 lakh crore in March 2021 from Rs.11.65 lakh crore in March 2022.
LIC India, SBI Life and HDFC were the top three players in annuity market.
ULIPs AUM
AUM of ULIPs increased by 13% to Rs.5.91 lakh crore in March 2022.
Currently, the share of ULIPs are 12% in the overall assets of the life insurance industry.
ICICI Prudential is the highest contributor to ULIP assets with AUM of Rs.1.51 lakh crore. SBI Life and HDFC Life followed ICICI Prudential with assets of Rs.1.42 lakh crore and Rs.80,000 crore, respectively. LIC has ULIP AUM of Rs.24,000 crore.
