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An analysis of premium data shows that LIC India, SBI Life and HDFC Life are the top three players in terms of first year premium collection.
LIC India reported the highest collection of the first year premium of Rs. 39,090 crore in FY 2023.
SBI Life Insurance and HDFC Life Insurance lead the private space with new business premium collection of Rs. 15,197 crore and Rs. 10,970 crore, respectively.
Other insurers have first year premium collection of less than Rs. 10,000 crore.
Further, a year-on-year comparison shows that only four insurers saw growth of over Rs. 2,000 crore in terms of new premium business. These are HDFC Life Insurance, Tata AIA Life Insurance, Life Insurance Corporation of India and SBI Life Insurance.
In percentage terms, Tata AIA Life Insurance and Future Generali India Life Insurance reported the highest annual growth of 58% and 57%, respectively.
|
Name |
First Year Premium (March 23) |
First Year Premium (March 22) |
Change |
% Change |
|
Life Insurance Corporation of India |
39,090 |
36,649 |
2,441 |
7% |
|
SBI Life Insurance |
15,197 |
12,942 |
2,256 |
17% |
|
HDFC Life Insurance |
10,970 |
8,054 |
2,915 |
36% |
|
Tata AIA Life Insurance |
7,341 |
4,635 |
2,706 |
58% |
|
ICICI Prudential Life Insurance |
6,494 |
5,966 |
528 |
9% |
|
Max Life Insurance |
5,900 |
5,317 |
582 |
11% |
|
Bajaj Allianz Life Insurance |
5,158 |
3,656 |
1,503 |
41% |
|
Kotak Mahindra Life Insurance |
3,723 |
3,189 |
534 |
17% |
|
Aditya Birla Sun Life Insurance |
3,236 |
2,393 |
843 |
35% |
|
PNB MetLife India Insurance |
2,314 |
1,877 |
437 |
23% |
|
IndiaFirst Life Insurance |
1,703 |
1,336 |
366 |
27% |
|
Canara HSBC Oriental Bank of Commerce Life Insurance |
1,637 |
1,336 |
301 |
23% |
|
Reliance Nippon Life Insurance |
1,082 |
1,213 |
-131 |
-11% |
|
Bharti AXA Life Insurance |
762 |
707 |
56 |
8% |
|
Shriram Life Insurance |
686 |
721 |
-36 |
-5% |
|
Future Generali India Life Insurance |
676 |
430 |
246 |
57% |
|
Edelweiss Tokio Life Insurance |
501 |
424 |
78 |
18% |
|
AGEAS Federal Life Insurance |
450 |
367 |
83 |
22% |
|
Aviva Life Insurance |
299 |
273 |
26 |
10% |
|
Pramerica Life Insurance |
153 |
115 |
39 |
34% |
|
Aegon Life Insurance |
2 |
16 |
-15 |
-89% |
|
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