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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.

By: Sachin Telawane | 
Read Time: 2 minutes, 12 seconds | 
Last Updated: 28-10-2022
Top 5 Life Insurance Companies in premium collection

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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