Indian life insurance market: fiscal year 2021-2022 results

At the end of the fiscal year 2021-2022, ended on 31 March 2022, the Indian life insurance market turnover reached 6.93 trillion INR (91.6 billion USD). This amount represents a 10.2% increase compared to the 6.29 trillion INR (85.7 billion USD) recorded at the end of the financial year 2020-2021.

The life sector counts only one public company called Life Insurance Corporation of India (LIC). The latter has posted a 6.13% growth in written premiums amounting to 4.28 trillion INR (56.6 billion USD). Thus, the company accounted for 61.8% of the life premium income as at 31 March 2022. The remaining 2.65 trillion INR (35 billion USD), or 38.2% of the market share, were broken down among the 23 life insurers operating in the private sector.

During the period under review, the net profit generated by these 24 companies has totaled 77.51 billion INR (1.02 billion USD), falling by 10.5% over one year. LIC alone generated a net profit of 40.43 billion INR (534.47 million USD).