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

IRDAI has uploaded the Industry statistics on the First year Premium for Life Insurers for the Period ended 31st May 2024 Summary of the details are as under: New Business Statement of Life Insurers for the Period ended 31st May 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 46.35 61.48 9.90 66.08 24.56 14.22 106.84 14.60 Public sector total 29074.028 Crores 2107350 Policies 5161557 Lives 210120.4363 Crores SBI Life 7.78 8.55 4.48 8.43 -4.67 5.70 4.68 5.57 HDFC Life 9.81 8.13 26.13 4.89 -11.05 24.89 15.36 15.75 ICICI Prudential Life 30.72 4.77 23.85 2.66 9.93 17.72 13.29 13.00 Bajaj Allianz Life 14.83 3.08 2.91 2.76 -8.37 8.08 -46.75 6.38 Max Life 30.24 2.49 35.47 2.89 -19.80 2.34 10.84 5.66 Tata AIA Life 12.81 2.32 9.14 2.90 -56.39 0.60 -16.60 8.49 Aditya Birla Sun Life 11.67 2.10 3.76 1.10 5.73 2.52 -11.88 3.89 Kotak Mahindra Life -4.51 1.85 -2.48 0.81 -25.19 8.65 -45.36 2.57 Canara HSBC Life -3.39 0.55 170.61 1.09 18.01 0.36 92.06 0.66 PNB Met Life 39.67 1.14 6.57 1.14 -34.12 0.58 -34.03 1.20 Star Union Dai-ichi Life -14.83 0.51 18.57 0.61 -42.75 0.56 -60.82 0.74 India First Life -8.20 0.57 -50.72 0.53 74.59 4.05 209.13 4.02 Shriram Life -24.87 0.55 155.89 2.36 -66.93 2.67 152.71 3.10 Reliance Nippon Life -11.58 0.33 -15.95 0.68 -39.92 0.05 -37.79 0.17 Bharti Axa Life -34.99 0.14 -34.23 0.27 -32.59 0.14 -68.94 0.07 Ageas Federal Life 72.07 0.33 36.30 0.22 609.21 0.91 65.17 0.24 Future Generali Life -6.14 0.09 -8.47 0.10 -5.35 0.03 10.75 0.33 Pramerica Life 19.25 0.36 45.92 0.17 18.14 2.04 40.45 1.26 Bandhan Life** 258.98 0.05 -1.42 0.07 -19.95 0.10 46.01 0.15 Edelweiss Tokio Life 34.67 0.10 -0.14 0.16 -59.84 0.04 -37.69 0.05 Exide Life* Aviva Life -20.05 0.10 -45.01 0.06 -30.60 0.58 74.14 1.25 Acko Life Insurance 0.03 0.01 0.38 0.09 CreditAccess Life 304391.11 0.03 2700.00 0.00 0.47 0.06 Go Digit 0.34 0.01 2.30 10.69 Private Sector Total 12.62 38.52 15.44 33.92 -7.72 85.78 12.12 85.40 18218.9771 Crores 1081617 Policies 31136377 Lives 1228775.747 Crores Industry Total 31.21 100.00 11.72 100.00 -4.19 100.00 20.16 100.00 47293.00548 Crores 3188967 Policies 36297934 Lives 1438896.183 Crores **Aegon life Insurance Company limited has been changed to Bandhan Life Insurance Limited with effect from 05.04.2024

Source category: IRDAI