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An analysis of financial statements of insurance companies shows that LIC India, SBI Life and HDFC Life are the most profitable life insurance companies in FY 2024.
These three life insurers are the top three insurers in terms of both profit before tax (PBT) and profit after tax (PAT).
LIC India recorded the highest PBT of Rs.40,787 crore and PAT of Rs.40,675 crore in FY 2024.
SBI Life and HDFC Life were the next two life insurers with PBT of Rs.1,940 crore and Rs.1,564 crore respectively. In terms of net profits, SBI Life and HDFC Life recorded PAT of Rs.1,894 core and Rs.1,570 crore, respectively.
ICICI Pru Life was at the fourth spot by recording PBT of Rs.921 crore and PAT of Rs.850 crore. Kotak Mahindra Life occupied the fifth position but the insurer witnessed decline in its profitability.
The next five life insurers in terms of PBT were Bajaj Allianz Life (Rs.572 crore), Aditya Birla Sun Life (Rs.200 crore), Star Union Dai-ichi Life (Rs.165 crore), Canara HSBC Oriental Bank of Commerce Life (Rs.124 crore) and AGEAS Federal Life (Rs.116 crore).
In terms of PAT, the next five companies were Bajaj Allianz Life (Rs.563 crore), Aditya Birla Sun Life (Rs.185 crore), Star Union Dai-ichi Life (Rs.165 crore), Canara HSBC Oriental Bank of Commerce Life (Rs.113 crore) and IndiaFirst Life (Rs.112 crore).
Let's look at the table to know more about PBT:
|
Name |
31-Mar-23 |
31-Mar-24 |
Change (in crores) |
%Change |
|
Life Insurance Corporation of India |
36,456 |
40,787 |
43.31 |
12% |
|
SBI Life Insurance Company Limited |
1,758 |
1,942 |
183.67 |
10% |
|
HDFC Life Insurance Company Limited |
1,268 |
1,564 |
296.15 |
23% |
|
ICICI Prudential Life Insurance Company Limited |
900 |
921 |
20.22 |
2% |
|
Kotak Mahindra Life Insurance Company Limited |
1,090 |
743 |
-347.31 |
-32% |
|
Bajaj Allianz Life Insurance |
370 |
572 |
201.66 |
55% |
|
Aditya Birla Sun Life Insurance |
154 |
200 |
46.42 |
30% |
|
Star Union Dai-ichi Life Insurance Company Limited |
128 |
165 |
36.61 |
29% |
|
Canara HSBC Oriental Bank of Commerce Life Insurance |
100 |
124 |
24.05 |
24% |
|
AGEAS Federal Life Insurance |
126 |
116 |
-10.07 |
-8% |
|
IndiaFirst Life Insurance Company Limited |
76 |
112 |
36.06 |
47% |
Here is the list of insurers based on their PAT:
|
Name |
31-Mar-23 |
31-Mar-24 |
Change (in crores) |
%Change |
|
Life Insurance Corporation of India |
36,397 |
40,675 |
43 |
12% |
|
SBI Life Insurance Company Limited |
1,721 |
1,894 |
173 |
10% |
|
HDFC Life Insurance Company Limited |
1,356 |
1,569 |
213 |
16% |
|
ICICI Prudential Life Insurance Company Limited |
813 |
851 |
37 |
5% |
|
Kotak Mahindra Life Insurance Company Limited |
1,053 |
689 |
-365 |
-35% |
|
Bajaj Allianz Life Insurance |
390 |
563 |
173 |
44% |
|
Aditya Birla Sun Life Insurance |
138 |
185 |
47 |
34% |
|
Star Union Dai-ichi Life Insurance Company Limited |
127 |
165 |
38 |
30% |
|
Canara HSBC Oriental Bank of Commerce Life Insurance |
91 |
113 |
22 |
24% |
|
IndiaFirst Life Insurance Company Limited |
76 |
112 |
36 |
47% |
|
AGEAS Federal Life Insurance |
114 |
107 |
-7 |
-6% |
While HDFC Life recorded the highest growth in profitability in absolute terms, Bajaj Allianz Life reported highest growth in percentage terms.
Please note that the profit figures of 11 companies are available out of the total 23 life insurers in India. of these, barring two insurers – Kotak Mahindra Life and Ageas Federal, all insurers saw growth in profit