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Top 5 Life Insurance Companies in premium collection

The Life Insurance sector witnessed a growth of 38% in the premiums collected. Additional new business premium of Rs. 50,000 crore premium was generated in the first half of the financial year 2022-23 accounting to Rs. 1.81 trillion.

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Last Updated - May 15, 2023
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This data is for the first 6 months of the financial year 2022-23.

In the first half of the Financial Year 2022-23, overall business of Rs. 1.8 trillion was achieved by 24 Life Insurance Companies. With a premium of Rs. 1.31 trillion collected in the first half of the previous financial year, we saw an overall growth of 38% where the majority of the insurance companies reflected an affirmative growth.

LIC has collected a maximum premium of Rs. 1,24,191 crores in the first half of the financial year 2022-23. Whereas, under the private sector, SBI Life, HDFC Life, ICICI Prudential Life, Bajaj Allianz Life and Aditya Birla Sun Life have collected a fairly high amount of premiums as compared to the previous year.

The Top 5 Life Insurance Companies in premium collection in the first half of FY 2022-23 is as follows:

Companies
Premium Collected

SBI Life
13,087

HDFC Life
11,039

ICICI Prudential Life
7,359

Bajaj Allianz Life
5,152

Aditya Birla Sun Life
3,420

Note: Premium collected is in INR crores

In comparison to the previous year, a few Life Insurance Companies have shown a considerable increase in the premiums collected. In the first half of the FY 2022-23, the private sector insurers have collectively attained a premium collection business of Rs.57,785 crore out of a total of Rs. 18,1976 crores. However, we have a few insurers who declined in the premium collection business. Insurers such as Aegon Life, Exide Life, Canara HSBC OBC Life showed a drop in the premium collection to Rs. 1.79, Rs.413 and Rs. 1,219 crores respectively as compared to previous year.

In the first half of the Financial Year 2022-23, below are Life Insurers who had the least amount of  premium collections:

Companies
Premium Collected

Aegon Life
2

Aviva Life
121

Edelweiss Tokio Life
193

Pramerica Life
250

Future Generali Life
326

With the new business figure growing in each quarter, the Private Life Insurance companies are acquiring more market share, breaking the stereotypes over the decades. With LIC of India being still a major contributor to the insurance industry, we can expect to see more business growth in the next quarter.

Listed below is the performance of all Life Insurance Companies in the first half of FY 2022-23:

Premium Collection

Company Name
H1 – FY 2021-22
H1 – FY 2022-23

LIC
2,324
3,421

Aditya Birla Sun Life
305
354

Ageas Federal Life
13
2

Aegon Life
118
121

Aviva Life
3,522
5,152

Bajaj Allianz Life
379
431

Bharti Axa Life
1,334
1,220

Canara HSBC OBC Life
180
193

Edelweiss Tokio Life
436
413

Exide Life
185
326

Future Generali Life
10,441
11,039

HDFC Life
6,461
7,359

ICICI Prudential Life
1,094
1,258

India First Life
2,164
2,878

Kotak Mahindra Life
3,109
3,378

Max Life
867
1,292

PNB Met Life
28
250

Pramerica Life
477
499

Reliance Nippon Life
0
0

Sahara Life
10,287
13,087

SBI Life
377
463

Shriram Life
793
1,635

Star Union Dai-ichi Life
1,878
3,023

Tata AIA Life
85,113
1,24,191

Industry Total
1,31,982
1,81,978

H1 refers to period April to September*

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