New Business Statement of Life Insurers for the Period ended 31st July 2024

IRDAI has uploaded the Industry statistics on the First year Premium for Life Insurers for the Period ended 31st July 2024 Summary of the details are as under: New Business Statement of Life Insurers for the Period ended 31st July 2024 (Premium & Sum Assured in Rs. Crore) Insurer Premium No. of Policies / Schemes No. of lives covered under Group Schemes Sum Assured Growth over prev year in % Market Share % Growth over prev year in % Market Share % Growth over prev year in % Market Share % Growth over prev year in % Market Share % LIC of India 25.98 62.42 6.49 67.03 -17.18 13.52 1.16 16.47 Public sector total 75871.5281 Crores 5199659 Policies 12318084 Lives 556065.3056 Crores SBI Life -2.38 8.25 1.40 7.84 2.33 6.27 2.80 5.88 HDFC Life 15.38 7.60 24.84 4.66 -16.38 19.84 0.74 13.42 ICICI Prudential Life 17.86 4.55 14.54 2.42 7.27 15.82 15.00 11.03 Bajaj Allianz Life 28.75 3.07 19.95 3.11 -3.24 6.63 -11.32 6.33 Max Life 16.36 2.47 28.48 2.76 -14.24 2.04 21.70 5.19 Tata AIA Life 11.45 2.07 16.41 2.94 -30.44 0.64 16.49 8.75 Aditya Birla Sun Life 42.79 2.50 27.25 1.23 13.59 1.95 50.53 4.57 Kotak Mahindra Life 7.76 1.76 -6.46 0.88 -19.10 7.27 -30.73 2.67 Canara HSBC Life 7.02 0.75 52.00 0.80 -10.97 6.54 -3.13 4.10 PNB Met Life 26.96 0.89 3.91 1.08 -32.48 0.45 -19.19 1.28 Star Union Dai-ichi Life -8.92 0.73 1.24 0.62 -73.44 0.51 -69.66 0.66 India First Life -7.85 0.76 -49.67 0.54 10.88 10.37 22.02 6.54 Shriram Life -9.45 0.46 121.06 2.32 -65.15 2.01 84.20 1.89 Reliance Nippon Life -3.02 0.28 -4.76 0.69 -26.44 0.04 -22.68 0.16 Bharti Axa Life -21.49 0.15 -19.49 0.28 -25.04 0.15 -52.85 0.08 Ageas Federal Life 62.25 0.33 31.82 0.24 299.52 0.76 49.15 0.24 Future Generali Life 14.77 0.10 -8.44 0.11 25.28 0.03 2.12 0.29 Pramerica Life 18.25 0.30 44.18 0.17 11.10 1.67 33.73 1.19 Bandhan Life** 110.53 0.04 -2.96 0.06 -53.04 0.07 17.37 0.13 Edelweiss Tokio Life 16.37 0.10 -11.72 0.15 -58.34 0.04 -28.54 0.06 Exide Life* Aviva Life -15.31 0.08 -50.34 0.06 -23.72 0.33 52.95 0.79 Acko Life Insurance 0.02 0.01 0.28 0.07 CreditAccess Life 483.95 0.03 631.58 0.00 458.66 0.46 526.18 0.07 Go Digit 640.69 0.31 140.56 0.01 1237.13 2.32 410.34 8.17 Private Sector Total 12.37 37.58 14.13 32.97 -7.42 86.48 14.69 83.53 45677.61527 Crores 2557310 Policies 78817788 Lives 2819780.9388 Crores Industry Total 20.50 100.00 8.90 100.00 -8.87 100.00 12.22 100.00 121549.14339 Crores 7756969 Policies 91135872 Lives 3375846.2445 Crores **Aegon life Insurance Company limited has been changed to Bandhan Life Insurance Limited with effect from 05.04.2024 For more information please visit: Regulatory Updates- ElpeeCo.

Source category: IRDAI