The life insurance business has picked up really well compared to last year. As of 31st August 2022, the industry has seen a 44.2% increase in premiums collected. Out of the 24 life insurance companies, 21 companies have seen an increase in business this year.
The top 5 performing life insurance companies for the period 1st April to 31st August 2022 are as follows:
Premium Collected
Life Insurer
Till Aug, 21
Till Aug, 22
Growth
LIC
66,592
99,199
49%
SBI Life
7,382
10,615
44%
HDFC Life
7,652
8,873
16%
ICICI Prudential Life
4,991
5,949
19%
Bajaj Allianz Life
2,438
4,481
83%
*Premiums collected are in Rs. crore
The above figures showcase the new business premiums collected for the top performing life insurers in India. These figures represent the premiums collected by each insurer in the current financial year compared to their performance in the last year.
Market Share
Life Insurer
Market Share
LIC
68.1%
SBI Life
7.3%
HDFC Life
6.1%
ICICI Prudential Life
4.1%
Bajaj Allianz Life
3.1%
LIC continues its market share dominance by capturing 68% of the new business premium in the current financial year. SBI Life too has performed really well this year and has shown a remarkable growth of 44%.
Among the other companies which have shown some good performance in the current financial year are Star Union Dai-ichi Life, Aditya Birla Sun Life Insurance Company and Pramerica Life.
Premium Collected
Life Insurer
Till Aug, 21
Till Aug, 22
Growth
Star Union Dai-ichi Life
612
1,362
122%
Aditya Birla Sun Life
1,262
2,472
96%
Pramerica Life
104
193
86%
*Premiums collected are in Rs. crore
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The performance of all life insurance companies in the current financial year is as follows:
Life Insurer
Till Aug, 21
Till Aug, 22
Growth %
LIC of India
66,592
99,199
48.9%
SBI Life
7,382
10,615
43.8%
HDFC Life
7,652
8,873
15.9%
ICICI Prudential Life
4,992
5,949
19.1%
Bajaj Allianz Life
2,438
4,481
83.8%
Max Life
2,423
2,671
10.2%
Aditya Birla Sun Life
1,262
2,472
95.8%
Tata AIA Life
1,428
2,397
67.8%
Kotak Mahindra Life
1,545
2,259
46.2%
Star Union Dai-ichi Life
612
1,362
122.3%
Canara HSBC Life
1,089
1,014
-6.9%
PNB Met Life
659
991
50.3%
India First Life
877
947
8.0%
Reliance Nippon Life
384
397
3.3%
Shriram Life
280
360
28.5%
Bharti Axa Life
293
342
16.6%
Exide Life
334
308
-7.7%
Aegas Federal Life
234
286
22.2%
Future Generali Life
152
246
61.2%
Pramerica Life
103
193
86.3%
Edelweiss Tokio Life
133
143
7.5%
Aviva Life
95
95
0.1%
Aegon Life
11
1.4
-88%
Sahara Life
0.0
0.0
NA
*Premiums collected are in Rs. crore
