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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.

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Last Updated - May 15, 2023
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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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MIC Newsdesk is a dedicated department of MyInsuranceClub that specializes in producing insurance-related content. The team comprise of expert writers is well-versed in the insurance industry and creates high-quality, informative, and engaging content.