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IRDAI data shows that life insurance industry witnessed 23% growth in new business premium collection in the first quarter of FY 2025.
The industry collected new business premium of Rs.90,000 crore in April-June 2024 as against Rs. 73,000 crore in April-June 2023.
LIC India, SBI Life and HDFC Life are the top three players in terms of first year premium collection. LIC India collected new business premium of Rs. 57,441 crore in April-June 2024.
SBI Life Insurance and HDFC Life Insurance occupy the next two spots with premium collection of Rs. 7,000 crore and Rs. 6,540 crore, respectively.
ICICI Prudential and Bajaj Allianz are the next two insurers in the terms of new business premium collection.
Of the total 25 life insurers, 20 life insurance companies witnessed positive growth in new business premium April-June 2024.
|
S No. |
Life Insurer |
Up to 30th June, 2023 |
Up to 31st June, 2024 |
Growth |
Growth in % |
|
1 |
LIC of India |
44,837 |
57,441 |
12,604 |
28 |
|
2 |
SBI |
6,206 |
7,033 |
827 |
13 |
|
3 |
HDFC |
5,990 |
6,540 |
550 |
9 |
|
4 |
ICICI Prudential |
3,051 |
3,769 |
718 |
24 |
|
5 |
Bajaj Allianz |
2,157 |
2,540 |
383 |
18 |
|
6 |
Aditya Birla Sun Life |
1,661 |
2,304 |
643 |
39 |
|
7 |
Max Life |
1,853 |
2,073 |
220 |
12 |
|
8 |
Tata AIA |
1,618 |
1,808 |
190 |
12 |
|
9 |
Kotak Mahindra |
1,425 |
1,525 |
100 |
7 |
|
10 |
PNB Met Life |
619 |
816 |
197 |
32 |
|
11 |
Canara HSBC |
611 |
716 |
105 |
17 |
|
12 |
India First |
736 |
686 |
-50 |
-7 |
|
13 |
Star Union Dai-ichi |
675 |
577 |
-98 |
-15 |
|
14 |
Shriram |
496 |
407 |
-89 |
-18 |
|
15 |
Ageas Federal |
166 |
273 |
107 |
64 |
|
16 |
Pramerica |
221 |
262 |
41 |
18 |
|
17 |
Reliance Nippon |
266 |
260 |
-6 |
-2 |
|
18 |
Go Digit |
0.02 |
251 |
251 |
1238657 |
|
19 |
Bharti Axa |
168 |
124 |
-44 |
-26 |
|
20 |
Future Generali |
75 |
88 |
13 |
18 |
|
21 |
Edelweiss Tokio |
70 |
86 |
16 |
22 |
|
22 |
Aviva |
88 |
75 |
-13 |
-15 |
|
23 |
Bandhan |
13 |
34 |
21 |
162 |
|
24 |
CreditAccess |
2 |
21 |
19 |
1024 |
|
25 |
Acko |
- |
18 |
|
- |
|
|
Grand Total |
73,005 |
89,727 |
16,722 |
23 |