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The first quarter of the current financial year was not so good for the Rs.60 lakh crore life insurance industry.
IRDAI data shows that the life insurance industry has collected new business premium of Rs.73,000 crore in April-June 2023 compared to Rs.73,700 crore in April-June 2022, a decline of 1%.
In terms of number of policies, the industry sold 48 lakh policies in April-June 2023 as against 52 lakh in April-June 2022, a decline of 8%.
In absolute terms, LIC India recorded highest premium collection of Rs.49,000 crore in April-June 2023. However, the company saw decline in new business premium compared to the corresponding period last year.
SBI and HDFC followed LIC with new business premium collection of Rs.6200 crore and Rs.6000 crore, respectively. Both the companies recorded growth in terms of new business premium collection in April-June 2023.
Let us look at the table to know more new business premium collection of life insurers:
|
Insurer |
First Year Premium |
|
Up to 30th June, 2023 |
|
|
LIC of India |
44,837 |
|
SBI Life |
6,206 |
|
HDFC Life |
5,990 |
|
ICICI Prudential Life |
3,051 |
|
Bajaj Allianz Life |
2,157 |
|
Max Life |
1,853 |
|
Aditya Birla Sun Life |
1,661 |
|
Tata AIA Life |
1,618 |
|
Kotak Mahindra Life |
1,425 |
|
India First Life |
736 |
|
Star Union Dai-ichi Life |
675 |
|
PNB Met Life |
619 |
|
Canara HSBC OBC Life |
611 |
|
Shriram Life |
496 |
|
Reliance Nippon Life |
266 |
|
Pramerica Life |
221 |
|
Bharti Axa Life |
168 |
|
Ageas Federal Life |
166 |
|
Aviva Life |
88 |
|
Future Generali Life |
75 |
|
Edelweiss Tokio Life |
70 |
|
Aegon Life |
13 |
|
CreditAccess Life |
2 |
|
Go Digit Life |
0.02 |
|
Exide Life* |
- |
|
Total |
Premium FY22
73,675 |
Premium FY22
73,005 |
Change -670 |
In terms of number of policies sold, while LIC sold the highest number of policies in April-June 2023, it actually sold less policies compared to April-June 2022.
Overall, HDFC Life led the list by selling over 40,000 more policies to reach 2.06 lakh policies in April-June 2023.
Bajaj Allianz and Aditya Birla Sun Life also sold over 22,000 and 11,500 more policies compared to last year.
Let us look at the table to understand about number of policies sold:
|
Insurer |
No. of Policies / Schemes |
||
|
Up to 30th June, 2022 |
Up to 30th June, 2023 |
New Sales for FY23 |
|
|
HDFC Life |
1,66,412 |
2,06,989 |
40,577 |
|
Bajaj Allianz Life |
1,21,723 |
1,43,910 |
22,187 |
|
Aditya Birla Sun Life |
43,691 |
55,299 |
11,608 |
|
Tata AIA Life |
1,27,230 |
1,36,353 |
9,123 |
|
Max Life |
1,12,881 |
1,19,426 |
6,545 |
|
SBI Life |
4,14,067 |
4,18,855 |
4,788 |
|
Reliance Nippon Life |
36,836 |
40,000 |
3,164 |
|
Aviva Life |
3,558 |
6,421 |
2,863 |
|
Aegon Life |
612 |
3,468 |
2,856 |
|
PNB Met Life |
56,292 |
58,239 |
1,947 |
|
Star Union Dai-ichi Life |
29,560 |
31,098 |
1,538 |
|
Ageas Federal Life |
7,991 |
9,505 |
1,514 |
|
Bharti Axa Life |
20,364 |
20,385 |
21 |
|
CreditAccess Life |
0 |
5 |
5 |
|
Go Digit Life |
0 |
1 |
1 |
|
Pramerica Life |
6,951 |
6,630 |
-321 |
|
Future Generali Life |
7,072 |
6,090 |
-982 |
|
Shriram Life |
58078 |
56,517 |
-1,561 |
|
India First Life |
58,659 |
56,056 |
-2,603 |
|
Edelweiss Tokio Life |
11,536 |
8,914 |
-2,622 |
|
Canara HSBC OBC Life |
30,280 |
26,637 |
-3,643 |
|
ICICI Prudential Life |
1,20,663 |
1,15,291 |
-5,372 |
|
Kotak Mahindra Life |
57,463 |
49,281 |
-8,182 |
|
Exide Life* |
24,274 |
- |
|
|
LIC of India |
36,87,386 |
32,22,557 |
-4,64,829 |
|
Grand Total |
52,03,579 |
47,97,926 |
-4,05,653 |