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FY 2024 ended on a positive note for the life insurance companies.
Life Insurance Council data shows life insurers industry collected new business premium of Rs.3.78 lakh crore in FY 2024 as against Rs.3.71 lakh crore, a growth of 2% in one year.
Among life insurers, Life Insurance Corporation of India (LIC) received the highest new business premium of Rs.2.20 lakh crore in FY 2024. However, the company witnessed a marginal decline in terms of new business premium collection.
On the other hand, SBI Life collected the highest new business premium among private life insurers. The life insurer recorded new business premium of Rs 38,000 crore in FY 2024, which was 29% higher than FY 2023.
HDFC Life Insurance and ICICI Prudential Life Insurance followed SBI Life with new business premium of Rs.30,000 crore and Rs. 18,000 crore, respectively.
Among other life insurers in the top 10 list were Bajaj Allianz, Max Life, Tata AIA, Kotak Mahindra, Aditya Birla Sun Life and PNB Metlife.
Meanwhile, Aegon Life, Shriram Life and Pramerica Life recorded highest growth in percentage terms.
Of the total 25 life insurers, 21 life insurance companies witnessed positive growth in new business premium last financial year.
The council data also shows that industry sold over 2.90 crore policies in FY 2024 as against 2.80 crore policies in FY 2023, registering a growth of 3% growth.
The data also shows that the industry added 2.76 lakh new agents last year.
Let us look at the table to know more about the new business premium:
|
New Business Performance of Life Insurers for Mar23- Mar24 (all figures are in crore) |
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|
Ranking |
Life Insurers |
FY 2024 |
FY 2023 |
Change |
Change in % |
|
1 |
Life Insurance Corporation of India |
2,22,523 |
2,31,899 |
-9,376 |
-4% |
|
2 |
SBI Life Insurance |
38,239 |
29,588 |
8,651 |
29% |
|
3 |
HDFC Life Insurance |
29,988 |
28,877 |
1,112 |
4% |
|
4 |
ICICI Prudential Life Insurance |
18,081 |
16,922 |
1,159 |
7% |
|
5 |
Bajaj Allianz Life Insurance |
11,493 |
10,737 |
756 |
7% |
|
6 |
Max Life Insurance |
11,020 |
8,959 |
2,061 |
23% |
|
7 |
Tata AIA Life Insurance |
8,897 |
8,539 |
358 |
4% |
|
8 |
Kotak Mahindra Life Insurance |
8,657 |
7,669 |
988 |
13% |
|
9 |
Aditya Birla Sun Life Insurance |
8,100 |
7,672 |
427 |
6% |
|
10 |
PNB Metlife Life Insurance |
3,410 |
3,219 |
191 |
6% |
|
11 |
Star Union Dai-Ichi Life Insurance |
3,317 |
3,118 |
199 |
6% |
|
12 |
IndiaFirst Life Insurance |
2,975 |
2,717 |
258 |
9% |
|
13 |
Canara HSBC Life Insurance |
2,837 |
3,682 |
-845 |
-23% |
|
14 |
Shriram Life Insurance |
1,875 |
1,160 |
715 |
62% |
|
15 |
Reliance Nippon Life Insurance |
1,230 |
1,126 |
105 |
9% |
|
16 |
AGEAS Federal Life Insurance |
1,201 |
911 |
289 |
32% |
|
17 |
Pramerica Life Insurance |
1,104 |
697 |
407 |
58% |
|
18 |
Bharti Axa Life Insurance |
781 |
1017 |
-236 |
-23% |
|
19 |
Future Generali India Life Insurance |
609 |
699 |
-90 |
-13% |
|
20 |
Edelweiss Tokio Life Insurance |
578 |
544 |
34 |
6% |
|
21 |
Godigit Life Insurance |
426 |
0 |
426 |
- |
|
22 |
Aviva Life Insurance |
369 |
344 |
25 |
7% |
|
23 |
Aegon Life Insurance |
118 |
11 |
106 |
927% |
|
24 |
Creditaccess Life Insurance |
97 |
0 |
97 |
- |
|
25 |
Acko Life Insurance |
37 |
0 |
- |
- |
|
|
Grand total |
3,77,960 |
3,70,543 |
7,417 |
2% |