IRDAI data shows that the life insurance industry has witnessed over 9% growth in AUM. Its AUM has increased from Rs.55 lakh crore in March 2023 to Rs.62 lakh crore in March 2024.
LIC India commands the highest AUM of Rs.44 lakh in March 2024 in the life insurance industry accounting for 72% of the total AUM.
On the other hand, private players have a total AUM of Rs. 18 lakh crore in March 2024.
SBI Life and HDFC Life follow LIC India taking second and third position by managing AUM of Rs.3.85 lakh crore and Rs.2.87 lakh crore, respectively. ICICI Prudential Life is at the fourth position with assets of Rs.2.86 lakh crore
Max Life (Rs. 1.47 lakh crore), Bajaj Allianz Life (Rs. 1.07 crore),Tata AIA Life (Rs 96,000crore) Aditya Birla Sunlife (Rs. 85,000 crore) are the next on the list.
Notably, of the total 25 life insurers, 18 insurers have reported a double-digit growth in their AUM over the last one year.
In terms of percentage growth compared to the previous year’s AUM, Tata AIA Life Insurance stands out with the highest increase of nearly 39%. Star Union Dai-ichi Life Insurance has also registered a 28% growth. SBI Life Insurance is third in this list with growth of 26% growth in its AUM.
Go Digit Life, Credit Access Life and Acko Life have all made their debut in the life insurance industry. Go Digit Life reported the highest AUM in 2024 among the three, with AUM or Rs.399 crore, followed by Credit Access Life with Rs.216 crore. Acko Life has recorded an AUM of 159.25 crore in FY 2024.
Let us look at the table to know more.
| Ranking(in terms of 2024 AUM) |
Insurers |
AUM in March 2024 (Rs.in crore) |
AUM in March 2023 (Rs. in crores) |
Absolute change (Rs in crores) |
Change |
| 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 |
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 |
Adity 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 |
|
| 24 |
Credit Access Life |
216 |
NA |
NA |
|
| 25 |
Acko Life |
159 |
NA |
NA |
|
| |
TOTAL |
61,56,850 |
5461917 |
|
|
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