The Life Insurance Corporation (LIC), the largest government owned Life Ins...
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:
|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:
|Edelweiss Tokio Life||193|
|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:
|Company Name||H1 - FY 2021-22||H1 - FY 2022-23|
|Aditya Birla Sun Life||305||354|
|Ageas Federal Life||13||2|
|Bajaj Allianz Life||379||431|
|Bharti Axa Life||1,334||1,220|
|Canara HSBC OBC Life||180||193|
|Edelweiss Tokio Life||436||413|
|Future Generali Life||10,441||11,039|
|ICICI Prudential Life||1,094||1,258|
|India First Life||2,164||2,878|
|Kotak Mahindra Life||3,109||3,378|
|PNB Met Life||28||250|
|Reliance Nippon Life||0||0|
|Star Union Dai-ichi Life||1,878||3,023|
|Tata AIA Life||85,113||1,24,191|
H1 refers to period April to September*
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