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Life insurance business performance in August 2022

Let’s have a look at the business statistics of the top 5 Life Insurers with the highest market share in the insurance industry.

By: Sachin Telawane | 
Read Time: 1 minute, 47 seconds | 
Last Updated: 13-09-2022
Life insurance business performance in August 2022
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
 

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