Listen to this article
IRDAI data shows that the life insurance industry has witnessed over 10% growth in terms of AUM. Its assets grew from Rs.50 lakh crore to Rs.55 lakh crore in a year.
LIC India commands highest AUM in the life insurance industry accounting for 74% of the total AUM. While private players have a total AUM of Rs. 14 lakh crore, LIC alone manages AUM of more than Rs 40 lakh crore.
SBI Life and ICICI Prudential Life follow LIC India taking second and third position managing an AUM of Rs.3 lakh crore and Rs.2.50 lakh crore, respectively.
HDFC Life (Rs. 2 lakh crore), Max Life (Rs. 1 lakh crore), Bajaj Allianz Life (Rs. 89,000 crore), Aditya Birla Sun Life (Rs. 69,800 crore) and Tata AIA Life (Rs. 69,700 crore) are the next on the list.
Notably, of the total 23 life insurers, 17 insurers report a double-digit growth in their AUM over the last financial year. In percentage terms, Start Union Dai- Ichi life insurance has the highest growth of (29%), followed by Tata AIA Life (22%) and Edelweiss Tokio (21%).
Let’s look at the ranking of life insurers in terms of AUM in March 31, 2023:
|
Ranking |
Insurer |
AUM in March 2023 |
AUM in March 2022 |
Change |
Change% |
|
1 |
LIC |
40,42,656 |
36,79,475 |
3,63,181 |
10% |
|
2 |
SBI Life |
3,05,414 |
2,64,049 |
41,365 |
16% |
|
3 |
ICICI Prudential |
2,46,442 |
2,35,942 |
10,500 |
4% |
|
4 |
HDFC Life |
2,36,994 |
2,22,255 |
14,739 |
7% |
|
5 |
Max Life |
1,22,080 |
1,06,791 |
15,289 |
14% |
|
6 |
Bajaj Allianz |
89,396 |
83,442 |
5,954 |
7% |
|
7 |
Aditya Birla Sun Life |
69,887 |
60,557 |
9,330 |
15% |
|
8 |
Tata AIA |
69,743 |
57,004 |
12,739 |
22% |
|
9 |
Kotak Mahindra |
63,963 |
55,165 |
8,798 |
16% |
|
10 |
PNB Metlife |
39,620 |
34,104 |
5,516 |
16% |
|
11 |
Reliance Nippon |
30,477 |
27,364 |
3,113 |
11% |
|
12 |
Canara HDBC OBC |
30,167 |
26,268 |
3,899 |
15% |
|
13 |
India First |
21,430 |
18,759 |
2,671 |
14% |
|
14 |
Start Union Dai- Ichi |
18,718 |
14,515 |
4,203 |
29% |
|
15 |
Ageas Federal |
14,682 |
13,515 |
1,167 |
9% |
|
16 |
Bharti Axa |
12,938 |
11,028 |
1,910 |
17% |
|
17 |
Aviva |
12,342 |
11,560 |
782 |
7% |
|
18 |
Shriram |
8,977 |
7,620 |
1,357 |
18% |
|
19 |
Pramerica |
7,223 |
6,166 |
1,057 |
17% |
|
20 |
Future Genrali |
7,092 |
6,009 |
1,083 |
18% |
|
21 |
Edelweiss Tokio |
6,581 |
5,418 |
1,163 |
21% |
|
22 |
Aegon |
4,096 |
3,678 |
418 |
11% |
|
23 |
Sahara India |
1,498 |
1,506 |
-8 |
-1% |
|
|
Grand Total (life+ non life) |
54,63,414 |
49,52,187 |
5,11,227 |
10% |