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IRDAI data shows that the life insurance industry has witnessed over 13% growth in terms of AUM. The industry’s assets have increased from Rs.54.62 lakh crore in March 2023 to Rs.61.57 lakh crore in March 2024.
LIC India commands the highest AUM in the life insurance industry accounting for 72% of the total AUM. However, its market share has declined by 2% in one year.
While LIC alone manages AUM of over Rs. 44.23 lakh crore in March 2024, their private counterparts command AUM of Rs. 17.33 lakh crore.
SBI Life occupies second spot with AUM of Rs.3.85 lakh crore in FY 2024. HDFC Life has overtaken ICICI Prudential Life for the third spot. The life insurer has AUM of Rs.2.87 lakh crore whereas ICICI Prudential Life is not far behind with AUM of Rs.2.86 lakh crore.
Axis Max Life (Rs. 1.47 lakh crore), Bajaj Allianz Life (Rs. 1.07 crore), Tata AIA Life (Rs 96,000crore), Aditya Birla Sunlife (Rs. 85,800 crore), Kotak Mahindra Life (Rs.79,200 crore) and PNB MetLife India (Rs.47,400 crore) are among the top 10 life insurers of India.
Notably, of the total 25 life insurers, 18 insurers report a double-digit growth in their AUM over the last financial year.
Let us look at the AUM ranking table to know more:
|
Ranking |
Life insurers |
AUM in March 2024 (Rs.in crore) |
AUM in March 2023 (Rs. in crore) |
Absolute change (Rs in crore) |
Change in % terms |
|
1 |
LIC |
44,23,580 |
4043656 |
3,79,924 |
9% |
|
2 |
SBI Life |
3,85,095 |
305414 |
79,681 |
26% |
|
3 |
HDFC Life |
2,87,137 |
236994 |
50,142 |
21% |
|
4 |
ICICI Prudential Life |
2,86,820 |
246442 |
40,378 |
16% |
|
5 |
Axis Max Life |
1,47,428 |
122080 |
25,348 |
21% |
|
6 |
Bajaj Allianz Life |
1,07,800 |
89396 |
18,404 |
21% |
|
7 |
Tata AIA Life |
96,799 |
69743 |
27,056 |
39% |
|
8 |
Aditya Birla Sunlife |
85,763 |
69887 |
15,876 |
23% |
|
9 |
Kotak Mahindra Life |
79,227 |
63963 |
15,264 |
24% |
|
10 |
PNB Metlife India |
47,420 |
39620 |
7,800 |
20% |
|
11 |
Canara HSBC Life |
37,313 |
30167 |
7,146 |
24% |
|
12 |
Reliance Nippon Life |
35,045 |
30477 |
4,568 |
15% |
|
13 |
IndiaFirst Life |
26,656 |
21430 |
5,225 |
24% |
|
14 |
Star Union Dai-ichi Life |
23,994 |
18718 |
5,276 |
28% |
|
15 |
Ageas Federal Life |
16,992 |
14682 |
2,310 |
16% |
|
16 |
Bharti AXA Life |
15,302 |
12938 |
2,364 |
18% |
|
17 |
Aviva Life |
13,843 |
12342 |
1,500 |
12% |
|
18 |
Shriram Life |
11,118 |
8977 |
2,141 |
24% |
|
19 |
Pramerica Life |
8,422 |
7223 |
1,200 |
17% |
|
20 |
Future Generali India Life |
7,977 |
7092 |
885 |
12% |
|
21 |
Edelweiss Tokio Life |
7,920 |
6581 |
1,339 |
20% |
|
22 |
Bandhan Life |
4,425 |
4096 |
329 |
8% |
|
23 |
Go Digit Life |
399 |
Na |
Na |
Na |
|
24 |
Credit Access Life |
216 |
Na |
Na |
Na |
|
25 |
Acko Life |
159 |
Na |
Na |
Na |
|
Total |
61,56,850 |
5461917 |
6,94,933 |
13% |
|
Source: IRDAI
In absolute terms, LIC India has witnessed the highest AUM growth of Rs.3.80 lakh crore. SBI Life and HDFC Life followed LIC by adding Rs.79,700 and Rs.50,100 crore to their AUM kitty last financial year.
ICICI Prudential Life and Tata AIA Life complete the top 5 insurers in terms of absolute AUM growth.
Here are the top five companies in terms of AUM growth:
|
LIC |
44,23,580 |
4043656 |
3,79,924 |
9% |
|
SBI Life |
3,85,095 |
305414 |
79,681 |
26% |
|
HDFC Life |
2,87,137 |
236994 |
50,142 |
21% |
|
ICICI Prudential Life |
2,86,820 |
246442 |
40,378 |
16% |
|
Tata AIA Life |
96,799 |
69743 |
27,056 |
39% |
If we look at the growth in terms of percentage, TATA AIA Life leads with the highest increase of 39%. Star Union Dai-ichi Life Insurance and SBI Life have witnessed 28% and 26%, respectively in one year.
Top five players in terms of % growth:
|
Tata AIA Life |
96,799 |
69743 |
27,056 |
39% |
|
Star Union Dai-ichi Life |
23,994 |
18718 |
5,276 |
28% |
|
SBI Life |
3,85,095 |
305414 |
79,681 |
26% |
|
IndiaFirst Life |
26,656 |
21430 |
5,225 |
24% |
|
Kotak Mahindra Life |
79,227 |
63963 |
15,264 |
24% |
Notably, Go Digit Life, Credit Access Life and Acko Life have all made their debut in the life insurance industry. Among the new players, Go Digit Life has recorded the highest AUM of Rs.400 crore in 2024, followed by Credit Access Life with Rs.216 crore and Acko Life with Rs. 160 crore.