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LIC has the maximum market share in 2022-23

LIC leads the life insurance companies with a market share of 68.25% in the current financial year. LIC continues to hold on to its dominant position in the life insurance segment.

By: Jay Vasa | 
Read Time: 1 minute, 39 seconds | 
Last Updated: 28-10-2022
LIC has the maximum market share in 2022-23
This data is for the premium market share for the financial year 2022-23.

In the last 2 years, there has been considerable awareness regarding the importance of  Life Insurance. The top life insurance companies have increased premium collections over the last year. The leaders in the space include companies like LIC, SBI Life, HDFC Life, ICICI Prudential Life, and Bajaj Allianz Life.

In Table - 2 you can check the premiums which have been collected by all life insurance companies along with their market shares.

LIC leads the life insurance companies with a market share of 68.25% in the current financial year. LIC continues to hold on to its dominant position in the life insurance segment. The market share of LIC is so high that even if you try to club the market share of all private companies then it is not even half of LIC’s market share. Collectively the market share of all private companies gets restricted to 31.75%.

The data shown here is the premium collected in the period April 2022 to September 2022.

Table - 1
 
Top 5 life insurance companies by market share
Companies Premium collected Market Share
LIC 1,24,191 68.3%
SBI Life 13,087 7.2%
HDFC Life 11,039 6.1%
ICICI Prudential Life 7,359 4.0%
Bajaj Allianz Life 5,152 2.8%


Note: Premium collected is in INR crores

The below table shows the premiums collected by all the life insurance companies along with their market shares in the first half of FY 2022-23:

Table - 2
 
Premiums collected
Company Name   H1 - FY 2021-22 H1 - FY 2022-23     Market Share
LIC 85,113 1,24,191 68.3%
Aditya Birla Sun Life 2,324 3,421 1.88%
Ageas Federal Life 305 354 0.19%
Aegon Life 13 2 0.00%
Aviva Life 118 121 0.07%
Bajaj Allianz Life 3,522 5,152 2.83%
Bharti Axa Life 378 431 0.24%
Canara HSBC OBC Life 1,334 1,220 0.67%
Edelweiss Tokio Life 179 193 0.11%
Exide Life 436 413 0.23%
Future Generali Life 185 326 0.18%
HDFC Life 10,441 11,039 6.07%
ICICI Prudential Life 6,461 7,359 4.04%
India First Life 1,094 1,258 0.69%
Kotak Mahindra Life 2,164 2,878 1.58%
Max Life 3,109 3,378 1.86%
PNB Met Life 867 1,292 0.71%
Pramerica Life 128 250 0.14%
Reliance Nippon Life 477 490 0.34%
Sahara Life 0 0 0
SBI Life 10,287 13,087 7.19%
Shriram Life 377 462 0.25%
Star Union Dai-ichi Life 793 1,635 0.90%
Tata AIA Life 1,878 3,023 1.66%
Industry Total 1,31,982 1,81,977 100%


Note: Premium collected is in INR crores | H1 refers to the period April to September

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