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*