Magazine date:
Mar 2024 Life insurance companies in india
Figures in millions
| Life Indian insurers | 2023 turnover | 2022 turnover | 2022-2023 evolution (1) | 2023 shares | ||
|---|---|---|---|---|---|---|
| INR | USD | INR | USD | |||
| State-owned companies | ||||||
| Life Insurance Corporation of India | 4 742 634 | 57 718 | 4 276 052 | 56 529 | 10.91% | 60.64% |
| Private companies | ||||||
| SBI Life Insurance Company | 673 156 | 8 192 | 587 596 | 7 768 | 14.56% | 8.61% |
| HDFC Life Insurance Company | 575 334 | 7 002 | 459 628 | 6 076 | 25.17% | 7.36% |
| ICICI Prudential Life Insurance Co. | 399 328 | 4 860 | 374 580 | 4 952 | 6.61% | 5.11% |
| MaxLife Insurance Company | 253 419 | 3 084 | 224 142 | 2 963 | 13.06% | 3.24% |
| TATA AIA Life Insurance Co. | 205 035 | 2 495 | 144 450 | 1 910 | 41.94% | 2.62% |
| Bajaj Allianz Life Insurance Co. | 194 614 | 2 369 | 161 271 | 2 132 | 20.68% | 2.49% |
| Kotak Mahindra Life Insurance | 153 205 | 1 865 | 130 151 | 1 721 | 17.71% | 1.96% |
| Aditya Birla Sunlife Insurance Co. | 150 697 | 1 834 | 121 402 | 1 605 | 24.13% | 1.93% |
| PNB Metlife India Insurance Co. | 87 852 | 1 069 | 73 483 | 971 | 19.55% | 1.12% |
| Canara HSBC OBC Life Ins. Co. | 71 974 | 876 | 58 899 | 779 | 22.20% | 0.92% |
| IndiaFirst Life Insurance Co. | 60 745 | 739 | 51 866 | 686 | 17.12% | 0.78% |
| Star Union Dai-ichi Life Ins. Co. | 57 464 | 699 | 41 368 | 547 | 38.91% | 0.73% |
| Reliance Nippon Life Ins. Co. | 51 221 | 624 | 50 366 | 666 | 1.70% | 0.65% |
| Bharti AXA Life Insurance Company | 29 206 | 355 | 26 016 | 344 | 12.26% | 0.37% |
| Shriram Life Insurance Company | 25 464 | 310 | 23 496 | 311 | 8.38% | 0.32% |
| Ageas Federal Life Insurance Co. | 22 890 | 279 | 22 073 | 292 | 3.70% | 0.29% |
| Future Generali India Life Ins. Co. | 17 580 | 214 | 14 335 | 189 | 22.64% | 0.22% |
| Edelweiss Tokio Life Insurance Co. | 16 905 | 206 | 14 642 | 194 | 15.46% | 0.22% |
| Pramerica Life Insurance Company | 14 954 | 182 | 10 988 | 145 | 36.09% | 0.19% |
| Aviva Life Ins. Company India | 13 174 | 160 | 12 681 | 167 | 3.89% | 0.17% |
| Aegon Life Insurance Company | 3 699 | 45 | 4 165 | 55 | -11.19% | 0.05% |
| Sahara India Life Insurance Co. | 442 | 5 | 614 | 8 | -28.01% | 0.01% |
| Exide Life Insurance Company | - | - | 37 680 | 498 | - | - |
| Total | 3 078 358 | 37 464 | 2 645 892 | 34 979 | 16.34% | 39.36% |
| Life total | 7 820 992 | 95 182 | 6 921 944 | 91 508 | 12.99% | 100% |
(1) Growth rate in local currency
Non-life insurance companies india
Figures in millions
| Non-life Indian insurers | 2023 turnover | 2022 turnover | 2022-2023 evolution (1) | 2023 shares | ||
|---|---|---|---|---|---|---|
| INR | USD | INR | USD | |||
| State-owned companies | ||||||
| The New India Assurance | 344 841 | 4 197 | 325 739 | 4 306 | 5.86% | 13.42% |
| United India Insurance | 176 443 | 2 147 | 157 222 | 2 078 | 12.23% | 6.87% |
| The Oriental Insurance | 156 149 | 1 900 | 137 110 | 1 813 | 13.89% | 6.08% |
| National Insurance | 151 480 | 1 844 | 130 257 | 1 722 | 16.29% | 5.90% |
| Total | 828 913 | 10 088 | 750 328 | 9 919 | 10.47% | 32.27% |
| Private companies | ||||||
| ICICI Lombard General Insurance | 210 251 | 2 559 | 179 769 | 2 377 | 16.96% | 8.18% |
| HDFC ERGO General Insurance | 166 358 | 2 025 | 134 975 | 1 784 | 23.25% | 6.48% |
| Bajaj Allianz General Insurance | 153 366 | 1 866 | 136 886 | 1 810 | 12.04% | 5.97% |
| Tata AIG General Insurance | 131 760 | 1 604 | 100 250 | 1 325 | 31.43% | 5.13% |
| SBI General Insurance | 108 284 | 1 318 | 91 662 | 1 212 | 18.13% | 4.21% |
| Reliance General Insurance | 103 390 | 1 258 | 94 090 | 1 244 | 9.88% | 4.02% |
| IFFCO Tokio General Insurance | 98 710 | 1 201 | 84 529 | 1 117 | 16.78% | 3.84% |
| Go Digit General Insurance | 61 601 | 750 | 46 739 | 618 | 31.80% | 2.40% |
| Cholamandalam MS General Ins. | 61 560 | 749 | 48 241 | 638 | 27.61% | 2.40% |
| Future Generali India Insurance | 45 462 | 553 | 41 380 | 547 | 9.86% | 1.77% |
| Universal Sompo General Insurance | 41 031 | 499 | 34 561 | 457 | 18.72% | 1.60% |
| Royal Sundaram General Insurance | 33 798 | 411 | 28 666 | 379 | 17.90% | 1.31% |
| Magma HDI General Insurance | 25 341 | 308 | 17 572 | 232 | 44.21% | 0.99% |
| Shriram General Insurance | 22 658 | 276 | 17 529 | 232 | 29.26% | 0.88% |
| Liberty General Insurance | 19 573 | 238 | 15 065 | 199 | 29.92% | 0.76% |
| Acko General Insurance | 15 094 | 184 | 9 882 | 131 | 52.74% | 0.59% |
| Kotak Mahindra General Insurance | 11 341 | 138 | 7 425 | 98 | 52.74% | 0.44% |
| Zuno General Insurance | 5 335 | 65 | 3 489 | 46 | 52.91% | 0.21% |
| Raheja QBE General Insurance | 3 799 | 46 | 3 758 | 50 | 1.09% | 0.15% |
| Navi General Insurance Limited | 706 | 9 | 1 066 | 14 | -33.77% | 0.03% |
| Kshema General Insurance (2) | - | - | - | - | - | - |
| Bharti AXA General Insurance (3) | - | - | - | - | - | - |
| HDFC ERGO General Insurance (4) | - | - | - | - | - | - |
| Total | 1 319 418 | 16 057 | 1 097 534 | 14 510 | 20.22% | 51.36% |
| Stand-Alone Health Insurers | ||||||
| Star Health & Allied Insurance | 129 525 | 1 576 | 114 635 | 1 516 | 12.99% | 5.04% |
| Care Health Insurance | 51 416 | 626 | 38 809 | 513 | 32.48% | 2% |
| Niva Bupa Health Insurance | 40 730 | 496 | 28 100 | 372 | 44.95% | 1.58% |
| Aditya Birla Health insurance | 27 170 | 331 | 17 266 | 228 | 57.36% | 1.06% |
| ManipalCigna Health Insurance | 13 598 | 165 | 9 862 | 130 | 37.88% | 0.53% |
| HDFC ERGO Health Insurance (2) | - | - | - | - | - | - |
| Reliance Health Insurance (3) | - | - | - | - | - | - |
| Total | 262 439 | 3 194 | 208 672 | 2 759 | 25.77% | 10.21% |
| Specialized companies | ||||||
| Agriculture Ins. Company of India | 146 198 | 1 779 | 139 402 | 1 843 | 4.88% | 5.69% |
| ECGC | 11 975 | 146 | 11 066 | 146 | 8.21% | 0.47% |
| Total | 158 173 | 1 925 | 150 468 | 1 989 | 5.12% | 6.16% |
| Non-life total | 2 568 943 | 31 264 | 2 207 002 | 29 177 | 16.40% | 100% |
(1) Growth rate in local currency.
(2) HDFC ERGO Health Insurance merged with HDFC Ergo General Insurance Co on 1 March 2020.
(3) Out of business.
Read also | Insurance sector in India [4]
