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IRDAI data shows that LIC, SBI Life, and ICICI Prudential Life were the top three life insurance companies in terms of renewal premium collection in FY 2021-22.
LIC has topped the list with renewal premium of Rs 2.29 lakh crore, which was 54% of its total premium collection during FY 2021-22. SBI and ICICI Pru followed LIC with renewal premium of Rs.33,000 crore and Rs.21,900 crore, respectively.
While SBI Life derived 57% of its total premium collection through renewal, ICICI Pru saw 59% of its total premium income coming from renewal of existing policies last financial year.
HDFC Life and Max Life Insurance were next in the list with renewal premium collection of Rs.21.800 crore (47%) and Rs.14,500 crore (65%).
In % percentage terms, Sahara, Aegon and Reliance derived highest percentage of their premium income from renewal premium. However, IRDAI barred Sahara from selling fresh policies.
Overall, private insurance companies collected Rs.1.49 lakh crore from renewal premium which accounted for 56% of the total premium collection in FY 2021-2022.
Here’s the list of life insurers based on AUM:
|
Insurer |
Renewal
|
Total premium collected
|
% Of renewal business with respect to the total premium collection |
|
Life Insurance Corporation |
229092.08 |
428024.07 |
54% |
|
SBI Life Insurance |
33302.29 |
58759.64 |
57% |
|
ICICI Prudential Life Insurance |
21955.75 |
37457.99 |
59% |
|
HDFC Life Insurance |
21808.01 |
45962.83 |
47% |
|
Max Life Insurance |
14509.25 |
22414.17 |
65% |
|
Tata AIA Life Insurance |
9086.52 |
14445.03 |
63% |
|
Bajaj Allianz Life Insurance |
6990.61 |
16127.05 |
43% |
|
Kotak Mahindra Life Insurance |
6872.35 |
13015.11 |
53% |
|
Aditya Birla Sun Life Insurance |
6475.28 |
12140.23 |
53% |
|
PNB MetLife India Insurance |
4880.17 |
7348.26 |
66% |
|
Reliance Nippon Life Insurance |
3754.26 |
5036.57 |
75% |
|
Canara HSBC OBC Life Insurance |
3094.09 |
5889.92 |
53% |
|
Exide Life Insurance |
2765.87 |
3767.96 |
73% |
|
IndiaFirst Life Insurance |
2420.35 |
5186.56 |
47% |
|
Star Union Dai-Ichi Life Insurance |
2210.49 |
4136.8 |
53% |
|
Bharti AXA Life Insurance |
1666.32 |
2601.56 |
64% |
|
Ageas Federal Life Insurance |
1390.87 |
2207.3 |
63% |
|
Shriram Life Insurance |
1280.01 |
2349.6 |
54% |
|
Edelweiss Tokio Life Insurance |
983.75 |
1464.2 |
67% |
|
Future Generali Life Insurance |
976.57 |
1433.54 |
68% |
|
Aviva Life Insurance |
975.47 |
1268.15 |
77% |
|
Pramerica Life Insurance |
793.91 |
1098.78 |
72% |
|
Aegon Life Insurance |
399.79 |
416.46 |
96% |
|
Sahara India Life Insurance |
61.44 |
61.44 |
100% |
|
Private Total |
148653.42 |
264589.15 |
56% |
|
Grand Total |
377745.5 |
692613.22 |
55% |