Listen to this article
An analysis of annual reports released by insurance companies done by Cafemutual shows that LIC, SBI Life, and HDFC Life are the top three life insurance companies in terms of renewal premium collection in FY 2022-23.
The public insurance sector outperformed the private sector in terms of renewals by a wide margin. LIC India recorded Rs. 2.43 lakh crore of renewal premium during FY 2022-23. This forms 51% of its total premium collection of Rs. 4.75 lakh crore.
The sole public insurer is way ahead of 20 private insurance players who collectively reported Rs. 1.65 lakh crore renewals.
In the private space, SBI Life Insurance has the highest renewals of Rs. 37,727 crore, which forms 56% of its total premium. HDFC Life Insurance (Rs. 27,241 crore) and ICICI Prudential Life Insurance (Rs. 22,520 crore) follow next.
To note, these are the only three private insurance players to have over Rs. 20,000 crore renewals.
In percentage terms, Aegon Life Insurance derives 97% of its total premium from renewals, the highest among other insurers.
Six more life insurers receive over 60% of premiums from renewals. These are Reliance Nippon Life Insurance, Aviva Life Insurance, Edelweiss Tokio Life Insurance, Bharti AXA Life Insurance, Max Life Insurance and PNB MetLife India Insurance.
|
Name |
Renewal Premium (March 2023) |
Total Premium (March 2023) |
% of Total |
|
Life Insurance Corporation of India |
2,42,618 |
4,74,668 |
51% |
|
SBI Life Insurance |
37,727 |
67,316 |
56% |
|
HDFC Life Insurance |
27,241 |
55,924 |
49% |
|
ICICI Prudential Life Insurance |
22,520 |
39,933 |
56% |
|
Max Life Insurance |
16,382 |
25,342 |
65% |
|
Tata AIA Life Insurance |
11,964 |
20,504 |
58% |
|
Bajaj Allianz Life Insurance |
8,724 |
19,461 |
45% |
|
Kotak Mahindra Life Insurance |
7,652 |
15,320 |
50% |
|
Aditya Birla Sun Life Insurance |
7,397 |
15,070 |
49% |
|
PNB MetLife India Insurance |
5,566 |
8,785 |
63% |
|
Reliance Nippon Life Insurance |
3,997 |
5,122 |
78% |
|
Canara HSBC Oriental Bank of Commerce Life Insurance |
3,481 |
7,197 |
48% |
|
IndiaFirst Life Insurance |
3,116 |
6,075 |
51% |
|
Bharti AXA Life Insurance |
1,904 |
2,921 |
65% |
|
Shriram Life Insurance |
1,394 |
2,546 |
55% |
|
AGEAS Federal Life Insurance |
1,378 |
2,289 |
60% |
|
Edelweiss Tokio Life Insurance |
1,147 |
1,690 |
68% |
|
Future Generali India Life Insurance |
1,059 |
1,758 |
60% |
|
Aviva Life Insurance |
978 |
1,317 |
74% |
|
Pramerica Life Insurance |
797 |
1,495 |
53% |
|
Aegon Life Insurance |
359 |
370 |
97% |
|
Sahara India Life Insurance |
|||
|
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
Year-on-year renewals
The renewal business of LIC India increased by Rs. 13,525 crore in one year. HDFC Life Insurance and SBI Life Insurance reported the next highest growth in absolute terms. Their renewals went up by Rs. 5,433 crore and Rs. 4,425 crore respectively.
On the other, the renewal business of Aegon Life Insurance and AGEAS Federal Life Insurance marginally dipped by Rs. 41 crore and Rs. 13 crore, respectively.
|
Name |
Renewal Premium (March 2023) |
Renewal Premium (March 2022) |
Change |
% Change |
|
Life Insurance Corporation of India |
2,42,618 |
2,29,093 |
13,525 |
5.9% |
|
SBI Life Insurance |
37,727 |
33,302 |
4,425 |
13.3% |
|
HDFC Life Insurance |
27,241 |
21,808 |
5,433 |
24.9% |
|
ICICI Prudential Life Insurance |
22,520 |
21,956 |
565 |
2.6% |
|
Max Life Insurance |
16,382 |
14,509 |
1,873 |
12.9% |
|
Tata AIA Life Insurance |
11,964 |
9,087 |
2,877 |
31.7% |
|
Bajaj Allianz Life Insurance |
8,724 |
6,991 |
1,733 |
24.8% |
|
Kotak Mahindra Life Insurance |
7,652 |
6,872 |
779 |
11.3% |
|
Aditya Birla Sun Life Insurance |
7,397 |
6,475 |
922 |
14.2% |
|
PNB MetLife India Insurance |
5,566 |
4,880 |
686 |
14.0% |
|
Reliance Nippon Life Insurance |
3,997 |
3,754 |
242 |
6.5% |
|
Canara HSBC Oriental Bank of Commerce Life Insurance |
3,481 |
3,094 |
387 |
12.5% |
|
IndiaFirst Life Insurance |
3,116 |
2,420 |
696 |
28.7% |
|
Bharti AXA Life Insurance |
1,904 |
1,666 |
238 |
14.3% |
|
Shriram Life Insurance |
1,394 |
1,280 |
114 |
8.9% |
|
AGEAS Federal Life Insurance |
1,378 |
1,391 |
-13 |
-1.0% |
|
Edelweiss Tokio Life Insurance |
1,147 |
984 |
163 |
16.6% |
|
Future Generali India Life Insurance |
1,059 |
977 |
82 |
8.4% |
|
Aviva Life Insurance |
978 |
975 |
3 |
0.3% |
|
Pramerica Life Insurance |
797 |
794 |
3 |
0.4% |
|
Aegon Life Insurance |
359 |
400 |
-41 |
-10.3% |
|
Sahara India Life Insurance |
||||
|
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