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Life Insurance Corporation (LIC) of India, the sole insurance player in the public sector reported an 11% annual hike in premium collection. Its total premium increased from Rs. 4.28 lakh crore in 2022 to Rs. 4.75 lakh crore in 2023.
A look at the private insurance industry reveals that SBI Life Insurance reported the highest total premium of Rs. 67,316 crore as on March 2023. And, with a total premium of Rs. 55,924 crore, HDFC Life Insurance followed next.
To note, these are the only two private insurance players to have over Rs. 50,000 crore of total premium which comprises first year, renewal and single premiums.
While the premium collection of Life Insurance Corporation of India increased the most by Rs. 46,643 crore, HDFC Life Insurance and SBI Life Insurance reported the next highest additions of Rs. 9,961 crore and Rs. 8,556 crore, respectively.
However, in percentage terms, Tata AIA Life Insurance, Pramerica Life Insurance and Aditya Birla Sun Life Insurance reported the highest annual growth. Their premium base grew by 42%, 36% and 24% respectively.
Overall, majority of the insurers reported more than double-digit annual growth. Only five insurers - Shriram Life Insurance, ICICI Prudential Life Insurance, Aviva Life Insurance, AGEAS Federal Life Insurance and Reliance Nippon Life Insurance recorded less than 10% growth. Further, Aegon Life Insurance is the only player whose total premium declined.
|
Name |
Total Premium (March 23) |
Total Premium (March 22) |
Change |
% Change |
|
Life Insurance Corporation of India |
4,74,668 |
4,28,025 |
46,643 |
11% |
|
SBI Life Insurance |
67,316 |
58,760 |
8,556 |
15% |
|
HDFC Life Insurance |
55,924 |
45,963 |
9,961 |
22% |
|
ICICI Prudential Life Insurance |
39,933 |
37,458 |
2,475 |
7% |
|
Max Life Insurance |
25,342 |
22,414 |
2,928 |
13% |
|
Tata AIA Life Insurance |
20,504 |
14,445 |
6,058 |
42% |
|
Bajaj Allianz Life Insurance |
19,461 |
16,127 |
3,334 |
21% |
|
Kotak Mahindra Life Insurance |
15,320 |
13,015 |
2,305 |
18% |
|
Aditya Birla Sun Life Insurance |
15,070 |
12,140 |
2,929 |
24% |
|
PNB MetLife India Insurance |
8,785 |
7,348 |
1,437 |
20% |
|
Canara HSBC Oriental Bank of Commerce Life Insurance |
7,197 |
5,890 |
1,307 |
22% |
|
IndiaFirst Life Insurance |
6,075 |
5,187 |
888 |
17% |
|
Reliance Nippon Life Insurance |
5,122 |
5,037 |
86 |
2% |
|
Bharti AXA Life Insurance |
2,921 |
2,602 |
319 |
12% |
|
Shriram Life Insurance |
2,546 |
2,350 |
197 |
8% |
|
AGEAS Federal Life Insurance |
2,289 |
2,207 |
82 |
4% |
|
Future Generali India Life Insurance |
1,758 |
1,434 |
324 |
23% |
|
Edelweiss Tokio Life Insurance |
1,690 |
1,464 |
226 |
15% |
|
Pramerica Life Insurance |
1,495 |
1,099 |
397 |
36% |
|
Aviva Life Insurance |
1,317 |
1,268 |
49 |
4% |
|
Aegon Life Insurance |
370 |
416 |
-47 |
-11% |
|
Sahara India Life Insurance |
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|
Star Union Dai-ichi Life Insurance |
1. Figures in crore 2. Source: Company disclosures 3. Details of Sahara India Life Insurance and Star Union Dai-ichi Life Insurance were not available at the time of filing the story 4. Audited figures were not available for all companies