India’s insurance market is booming and has grown to be essential for people and companies looking to hedge against financial risks.
India has 67 insurance firms as of 2023: 26 general insurers, 5 health insurers, 12 reinsurers, and 24 life insurers.
Size of the Indian Insurance Sector The Insurance Regulatory and Development Authority of India (IRDAI) projects that the country’s insurance industry will expand at 17% per year, from $100 billion in FY21 to $222 billion in FY26. To reach $154 billion, the life insurance industry is expected to grow at a CAGR of 14% through 2025. By 2025, India’s non-life insurance market is expected to reach $60 billion.
1. India’s Life Insurance Corporation (LIC)
With a long history and a big impact, Life Insurance Corporation of India (LIC) is a well-known brand in the Indian insurance industry.
Here are some important LIC facts:
- Main topic: life insurance
- LIC is a 1956-founded, state-owned life insurance corporation.
- serves more than 290 million policyholders via more than a million brokers.
- Market dominance in India with 64.1% of the market
- oversees more than Rs 45 lakh crore in assets as of 2023.
- operates throughout India through 1,559 satellite offices and 2,048 branch offices.
- The product portfolio comprises group schemes, microinsurance, ULIPs, term plans, and endowment policies.
- 98.74% claim settlement ratio for specific insurance
2. HDFC Life Insurance Company Ltd
One of the top providers of life insurance in India is HDFC Life, a division of HDFC Bank Ltd.
The following are important details regarding HDFC Life Insurance:
- Main topic: life insurance
- One of India’s top private life insurers is HDFC Life.
- started operations in 2000; the product range consists of annuities, health, pension, savings & investment programs, and term insurance.
- has more than 400 locations, making it one of the biggest networks for sales and distribution.
- Serves more than 60 lakh clients with a committed sales force of 200,000 or more. As of 2023, the company holds a dominant 10.7% private market share.H1
- As of March 2023, assets under management exceeded Rs 2.4 lakh crore.
- In 2023, revenue amounted to Rs 71 billion (US$ 8.9 billion).
- Ratio of claim settlement: 99.3%
3. SBI Life Insurance Company Limited
- Main topic: life insurance
- State Bank of India and BNP Paribas Cardif jointly own SBI Life.
- started operations in 2001; the product offering consists of group insurance, riders, pension plans, ULIPs, and term plans.
- serves more than 50 million clients through more than 7000 SBI offices.
- uses corporate agents and more than 230,000 agents to operate
- The market share of private insurers as of November 2022 exceeded 17%
- In 2023, activities brought in 80,686 crores INR, or US$10 billion.
- FY2022 saw a 27% YoY increase in profit after taxes to Rs 15.7 billion. The annual average of assets under management was INR 314,686 crore (US$39 billion).
- In 2021–2022 the claim settlement ratio was 97.74%.
4. ICICI Prudential Life Insurance Company Ltd
- Main topic: life insurance
- A joint venture between Prudential Corporation Holdings Limited and ICICI Bank is called ICICI Prudential.
- started operating in the year 2000.
- provides a variety of life insurance products, including health plans, retirement, savings and investments, and term insurance.
- possesses a network of more than 234,000 distributors and consultants.
- market leadership as of November 2022, with a private market share of 11%.
- more than INR 255,851.30 crore (US$32 billion) in assets under management as of 2023
- In 2023, revenue was INR 49,569.52 crore, or US$6.2 billion.
- Ratio of claim settlement: 97.85%
- Compared to the regulation norm of 150%, the solvency ratio was 204%.
5. Max Life Insurance Company Ltd
- Main topic: life insurance
- One of India’s top non-bank-sponsored private life insurers is Max Life Insurance.
- started operations in 2000. The product offering consists of investments, savings accounts, health insurance, retirement plans, and life insurance.
- has a presence in 375 locations around the country because of its robust agency force of more than 90,000 advisers.
- India’s first life insurer to be named Life Insurer of the Year 2021–2022
- As of March 2022, revenue is comprised of Rs 957 billion in assets under administration.
- As of November 2022, private insurers own a 9.4% market share.
- 99.35% claim settlement percentage is among the highest in the sector.
6. Bajaj Allianz Life Insurance Company Ltd.
- Main topic: life insurance
- joint venture between Allianz SE, a top insurance provider worldwide, and Bajaj Finserv Ltd.
- started functioning in 2001.
- provides life insurance policies together with retirement, health, savings, investment, protection, and employee benefit programs.
- has a presence with more than 31,000 agents in over 550 cities.
- FY2022 Worldwide Sales: €145 billion (Allianz SE, the parent company)
- India’s FY2022 revenue was Rs 15,871 crore.
- 6.8% of the market was accumulated in the private life insurance industry as of November 2022.
- oversees assets under management (AUM) that, as of March 31, 2022, exceeded Rs 66,000 crore.
- Demands Ratio of Settlement: 96.68%
- 549% solvency ratio compared to 150% statutory minimum
7. Aditya Birla Sun Life Insurance Company Ltd.
- Main topic: life insurance
- Aditya Birla Capital and Sun Life Financial Inc. have partnered together.
- started functioning in 2007.
- Plans for investments, health, savings, and life insurance are all included in the product portfolio.
- has more than 580 outlets and more than 12 lakh agents and advisers.
- Revenue for FY2022: Rs 14,809 crore, or US$ 1.8 billion.
- The total market share as of November 2022 is 9.3%.
- As of March 2022, managed assets were valued at around Rs 66,443 crore.
- Demands Ratio of Settlement: 98.32%
8. PNB MetLife India Insurance Company Ltd.
Main topic: life insurance
- PNB In India, MetLife is one of the top providers of life insurance.
- The partnership between MetLife International and Punjab National Bank
- started functioning in 2001.
- provides products such as retirement plans, ULIPs, term insurance, savings and income plans, and more.
- serving more than 450 million clients via more than 900 branches
- Has an agency force with more than fifty thousand advisors.
- In FY2021–2022, revenue was Rs 5,696 crore, while gross written premium was Rs 11,434 crore.
- 2.1% total market share among private life insurance companies
- As of March 31, 2022, assets under management were Rs 21,737 crore.
- For FY2021–2022, the claim settlement ratio is 96.93%.
- As of March 2022, Embedded Value amounts to Rs 3,249 crore.