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Life insurance firms collected 18% more premium in FY 2023 compared to the year before. Life insurers collected Rs. 3.71 lakh crore as the first-year premium in FY2023 as against Rs. 3.14 lakh crore in FY 2022, shows the latest IRDAI data.
As expected, the state-run insurance behemoth LIC alone contributed over 60% to the total new business premium collection. The insurer received close to Rs.2.31 lakh crore as premium in FY 2023 compared to Rs.1.99 lakh crore in FY 2022.
Among the private players, SBI Life, HDFC Life and ICICI Prudential Life led the industry in premium collection. SBI Life collected Rs.29,600 crore premium in FY 2023 while HDFC Life and ICICI Prudential Life received Rs. 28,900 crore and Rs. 17,000 crore, respectively.
Almost all insurers have registered impressive growth in premium collection. 17 out of 23 private insurers saw double-digit growth in premium, which went to as high as 130%. Only two life insurers — Reliance Nippon and Aegon Life registered negative growth.
Overall, the private insurers have recorded 20% in new business premium collection.
In terms of number of policies sold, the industry distributed 2.85 crore new policies during FY 2023. Of this, private insurers sold 81 lakh new policies which contributed 30% to the total policies sold.
Let us look at the table to know more:
|
Insurers |
Premium collection during FY 2022 (in Rs.) |
Premium collection during FY 2023 (in Rs.) |
Growth in % |
Market Share |
Total policies sold in 2023 |
|
LIC of India |
198759.85 |
231899.17 |
16.67 |
62.58 |
20465055 |
|
SBI Life |
25458.29 |
29587.60 |
16.22 |
7.98 |
2197656 |
|
HDFC Life |
24301.07 |
28876.54 |
18.83 |
7.79 |
993398 |
|
ICICI Prudential Life |
15035.52 |
16921.85 |
12.55 |
4.57 |
603648 |
|
Bajaj Allianz Life |
9135.82 |
10736.98 |
17.53 |
2.90 |
613528 |
|
Max Life |
7904.35 |
8959.49 |
13.35 |
2.42 |
597338 |
|
Tata AIA Life |
5358.64 |
8539.08 |
59.35 |
2.30 |
651996 |
|
Aditya Birla Sun Life |
5665.33 |
7672.22 |
35.42 |
2.07 |
243809 |
|
Kotak Mahindra Life |
6142.77 |
7668.67 |
24.84 |
2.07 |
350146 |
|
Canara HSBC Life |
2797.63 |
3682.01 |
31.61 |
0.99 |
186714 |
|
PNB Met Life |
2467.95 |
3219.29 |
30.44 |
0.87 |
287854 |
|
Star Union Dai-ichi Life |
1926.31 |
3118.01 |
61.86 |
0.84 |
194963 |
|
India First Life |
2640.63 |
2717.17 |
2.90 |
0.73 |
313273 |
|
Shriram Life |
1077.84 |
1160.40 |
7.66 |
0.31 |
290156 |
|
Reliance Nippon Life |
1282.32 |
1125.50 |
-12.23 |
0.30 |
148883 |
|
Bharti Axa Life |
934.71 |
1016.91 |
8.79 |
0.27 |
105217 |
|
Aegas Federal Life |
816.43 |
911.40 |
11.63 |
0.25 |
47016 |
|
Future Generali Life |
456.97 |
698.90 |
52.94 |
0.19 |
42469 |
|
Pramerica Life |
304.23 |
697.09 |
129.13 |
0.19 |
34603 |
|
Edelweiss Tokio Life |
480.57 |
543.69 |
13.13 |
0.15 |
56596 |
|
Exide Life (Before its merger) |
1002.89 |
435.65 |
-56.56 |
0.12 |
61374 |
|
Aviva Life |
296.20 |
343.95 |
16.12 |
0.09 |
28463 |
|
Aegon Life |
16.67 |
11.45 |
-31.30 |
0.00 |
3026 |
|
Private Total |
115503.15 |
138643.85 |
20.03 |
37.42 |
8052126 |
|
Grand Total |
314263.00 |
370543.02 |
17.91 |
100.00 |
28517181 |