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The life insurance industry has witnessed a 10% growth in terms of new business premium while experiencing a slight decline in the total policies sold in April-December 2024.
IRDAI data shows that the life insurance industry has collected new business premium of Rs.2.75 lakh crore in April-December 2024 compared to Rs.2.50 lakh crore in April-December 2023.
However, in terms of number of policies, the industry has sold 1.82 crore policies in the first nine months of FY 25 as against 1.85 crore in the corresponding period previous quarter, a decline of 2%.
Among life insurers, LIC India continues to dominate with the highest premium collection of Rs.1.58 lakh crore in April - December 2024, showing a healthy growth of 7% compared to the previous year. The company maintains a strong market share of 57% of the total new business premium collection of the life insurance industry.
SBI Life and HDFC Life followed LIC with new business premium collections of Rs.26,255 crore and Rs.22,661 crore respectively. While SBI Life has seen modest growth of 1%, HDFC Life recorded a growth of 11% in premium collection.
Rounding off the top five are ICICI Prudential Life insurance with Rs. 15,139 crore and Bajaj Allianz Life with Rs. 8503 crore.
Let’s look at the table to know more:
Insurers |
Premium in Rs. crore, December, 2023 |
Premium in Rs. Crore, December, 2024 |
Growth in % |
Market Share in % |
|
LIC of India |
147405.59 |
157955.95 |
7.16 |
57.42 |
|
SBI Life |
26000.00 |
26255.54 |
0.98 |
9.54 |
|
HDFC Life |
20342.32 |
22661.22 |
11.40 |
8.24 |
|
ICICI Prudential Life |
11527.27 |
15139.19 |
31.33 |
5.50 |
|
Bajaj Allianz Life |
7538.66 |
8503.91 |
12.80 |
3.09 |
|
Max Life |
6966.78 |
8089.38 |
16.11 |
2.94 |
|
Aditya Birla Sun Life |
5276.10 |
7048.94 |
33.60 |
2.56 |
|
Tata AIA Life |
5804.49 |
6935.47 |
19.48 |
2.52 |
|
Kotak Mahindra Life |
5078.97 |
5406.96 |
6.46 |
1.97 |
|
PNB Met Life |
2227.65 |
3301.38 |
48.20 |
1.20 |
|
Star Union Dai-ichi Life |
2242.68 |
2863.08 |
27.66 |
1.04 |
|
Canara HSBC Life |
2013.88 |
2287.67 |
13.59 |
0.83 |
|
India First Life |
2443.34 |
2020.03 |
-17.33 |
0.73 |
|
Shriram Life |
1274.70 |
1572.81 |
23.39 |
0.57 |
|
Ageas Federal Life |
759.69 |
965.02 |
27.03 |
0.35 |
|
Pramerica Life |
755.72 |
853.45 |
12.93 |
0.31 |
|
Reliance Nippon Life |
821.10 |
812.01 |
-1.11 |
0.30 |
|
Go Digit Life |
218.54 |
782.04 |
257.85 |
0.28 |
|
Bharti Axa Life |
549.88 |
494.42 |
-10.09 |
0.18 |
|
Edelweiss Life |
336.51 |
343.73 |
2.14 |
0.12 |
|
Future Generali Life |
305.60 |
339.29 |
11.02 |
0.12 |
|
Aviva Life |
253.48 |
196.01 |
-22.67 |
0.07 |
|
Bandhan Life |
68.15 |
116.89 |
71.52 |
0.04 |
|
CreditAccess Life |
43.27 |
98.26 |
127.07 |
0.04 |
|
Acko Life |
17.35 |
44.27 |
155.18 |
0.02 |
|
In terms of number of policies sold, while LIC leads with 1.17 crore policies, it actually saw a decline of 7% in number of policies sold compared to April-December 2023.
SBI Life comes second with 15.87 lakh policies sold in 2024 by registering a decline of 3% compared to 2023.
HDFC Life, Tata AIA and Bajaj Allianz take the next three spots with 8.77 lakh, 6.52 lakh and 5.57 lakh policies sold, respectively.
Let’s take a look at the table to know more:
Insurers |
Policy holders up to 31st December, 2023 |
Policy holders up to 31st December, 2024 |
Growth in % |
Market Share in % |
LIC of India |
12581555.00 |
11735012.00 |
-6.73 |
64.53 |
SBI Life |
1642374.00 |
1587717.00 |
-3.33 |
8.73 |
HDFC Life |
764990.00 |
876965.00 |
14.64 |
4.82 |
Tata AIA Life |
506451.00 |
652429.00 |
28.82 |
3.59 |
Bajaj Allianz Life |
492658.00 |
556918.00 |
13.04 |
3.06 |
Max Life |
459791.00 |
541712.00 |
17.82 |
2.98 |
ICICI Prudential Life |
400617.00 |
458423.00 |
14.43 |
2.52 |
Shriram Life |
270079.00 |
388808.00 |
43.96 |
2.14 |
Aditya Birla Sun Life |
191440.00 |
244928.00 |
27.94 |
1.35 |
PNB Met Life |
196284.00 |
219471.00 |
11.81 |
1.21 |
Kotak Mahindra Life |
193346.00 |
187129.00 |
-3.22 |
1.03 |
Canara HSBC Life |
129167.00 |
142349.00 |
10.21 |
0.78 |
India First Life |
202636.00 |
136571.00 |
-32.60 |
0.75 |
Star Union Dai-ichi Life |
135707.00 |
119475.00 |
-11.96 |
0.66 |
Reliance Nippon Life |
126900.00 |
115348.00 |
-9.10 |
0.63 |
Bharti Axa Life |
62785.00 |
52301.00 |
-16.70 |
0.29 |
Ageas Federal Life |
38430.00 |
44900.00 |
16.84 |
0.25 |
Pramerica Life |
25414.00 |
33235.00 |
30.77 |
0.18 |
Edelweiss Life |
35102.00 |
30747.00 |
-12.41 |
0.17 |
Future Generali Life |
23044.00 |
23417.00 |
1.62 |
0.13 |
Bandhan Life |
15618.00 |
20716.00 |
32.64 |
0.11 |
Aviva Life |
20048.00 |
11048.00 |
-44.89 |
0.06 |
Go Digit Life |
351.00 |
2921.00 |
732.19 |
0.02 |
Acko Life |
8.00 |
1302.00 |
16175.00 |
0.01 |
CreditAccess Life |
81.00 |
343.00 |
323.46 |
0.00 |