Dec 08, 2022
The Life Insurance Corporation (LIC), the largest government owned Life Ins...
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
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
Note: Premium collected is in INR crores | H1 refers to the period April to September
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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