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Data released by IRDAI shows life insurance industry has received new business premium of Rs. 3.97 lakh crore in FY25. This is an increase of 5% or Rs. 19400 crore from the Rs. 3.77 crore received by the industry in FY24.
LIC India has received the highest new business premium of Rs. 2.26 lakh crore in FY25, an increase of 1.86% from FY24. The life insurance giant also has the largest market share of 57% in the life insurance industry.
Second in the ranking is SBI Life, which has witnessed a decline in its first-year premiums in FY25, receiving Rs. 35580 crore, a decrease of Rs. 2661 crore or 7% from FY24.
HDFC Life occupies the third position with new business premium of Rs. 33,760 crore, an increase of close to 13% compared to FY24.
ICICI Prudential Life and Bajaj Allianz Life are the next two with new business premium of Rs. 22585 crore and Rs. 12300 crore, respectively. While ICICI Prudential Life has recorded a healthy growth of 25%, Bajaj Allianz Life saw its new business premium grow by 7% in FY25.
Among other life insurers in the top 10 list in terms of new business premium are Axis Max Life, Tata AIA Life, Aditya Birla Sun Life, Kotak Mahindra and PNB Met Life.
In terms of growth in terms of percentage, Go Digit Life has recorded the highest growth of 151% in new business premium collection in FY25. CreditAccess Life with 99% and Bandhan Life with 98% are the next two with highest growth in percentage terms last financial year.
Here’s the ranking of life insurers based on new business premium collection:
|
Rankings |
Life Insurers |
First Year Premiums in FY24 |
First Year Premiums in FY25 |
Growth in Rs. Crore |
Growth (In %) |
Market share (In %) |
|
1 |
LIC of India |
222522.99 |
226669.91 |
4146.91 |
1.86 |
57.05 |
|
2 |
SBI Life |
38238.52 |
35576.67 |
-2661.85 |
-6.96 |
8.95 |
|
3 |
HDFC Life |
29988.08 |
33761.94 |
3773.87 |
12.58 |
8.50 |
|
4 |
ICICI Prudential Life |
18080.50 |
22583.49 |
4502.99 |
24.91 |
5.68 |
|
5 |
Bajaj Allianz Life |
11492.63 |
12292.58 |
799.95 |
6.96 |
3.09 |
|
6 |
Axis Max Life |
11020.06 |
12173.41 |
1153.35 |
10.47 |
3.06 |
|
7 |
Tata AIA Life |
8897.17 |
10321.25 |
1424.08 |
16.01 |
2.60 |
|
8 |
Aditya Birla Sun Life |
8099.64 |
10219.23 |
2119.59 |
26.17 |
2.57 |
|
9 |
Kotak Mahindra Life |
8656.85 |
8214.37 |
-442.48 |
-5.11 |
2.07 |
|
10 |
PNB Met Life |
3410.05 |
4695.15 |
1285.10 |
37.69 |
1.18 |
|
11 |
Star Union Dai-ichi Life |
3316.62 |
4296.51 |
979.89 |
29.54 |
1.08 |
|
12 |
Canara HSBC Life |
2836.91 |
3055.19 |
218.28 |
7.69 |
0.77 |
|
13 |
India First Life |
2974.99 |
2969.12 |
-5.86 |
-0.20 |
0.75 |
|
14 |
Shriram Life |
1875.17 |
2277.04 |
401.87 |
21.43 |
0.57 |
|
15 |
Ageas Federal Life |
1200.57 |
1338.28 |
137.71 |
11.47 |
0.34 |
|
16 |
Reliance Nippon Life |
1230.38 |
1244.64 |
14.25 |
1.16 |
0.31 |
|
17 |
Pramerica Life |
1104.48 |
1231.75 |
127.27 |
11.52 |
0.31 |
|
18 |
Future Generali Life |
609.21 |
1192.19 |
582.98 |
95.69 |
0.30 |
|
19 |
Go Digit Life |
426.36 |
1068.81 |
642.45 |
150.68 |
0.27 |
|
20 |
Bharti Axa Life |
780.95 |
741.72 |
-39.24 |
-5.02 |
0.19 |
|
21 |
Edelweiss Tokio Life |
578.15 |
606.92 |
28.77 |
4.98 |
0.15 |
|
22 |
Aviva Life |
368.90 |
317.26 |
-51.64 |
-14.00 |
0.08 |
|
23 |
Bandhan Life |
117.63 |
232.68 |
115.05 |
97.81 |
0.06 |
|
24 |
CreditAccess Life |
97.00 |
192.97 |
95.98 |
98.95 |
0.05 |
|
25 |
Acko Life Insurance |
36.52 |
63.65 |
27.13 |
74.29 |
0.02 |
|
Grand Total |
377960.34 |
397336.74 |
19376.41 |
5.13 |
100.00 |
|
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