The life insurance industry in India has witnessed significant growth, with the Assets Under Management (AUM) increasing by over 9% to Rs. 62 lakh crore in March 2024 from Rs. 55 lakh crore in March 2023, according to data from the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation of India (LIC) commands the highest AUM of Rs. 44 lakh crore, accounting for 72% of the total AUM.
Private players have a total AUM of Rs. 18 lakh crore, with SBI Life and HDFC Life taking the second and third positions, managing AUM of Rs. 3.85 lakh crore and Rs. 2.87 lakh crore, respectively. ICICI Prudential Life is at the fourth position with assets of Rs. 2.86 lakh crore. Other notable players include Max Life, Bajaj Allianz Life, Tata AIA Life, and Aditya Birla Sunlife.
The data also reveals that 18 out of 25 life insurers have reported double-digit growth in their AUM over the last year. Tata AIA Life Insurance has reported the highest growth of nearly 39%, followed by Star Union Dai-ichi Life Insurance with a growth of 28%, and SBI Life Insurance with a growth of 26%.
New entrants in the life insurance industry include Go Digit Life, Credit Access Life, and Acko Life. Go Digit Life reported the highest AUM of Rs. 399 crore among the three, followed by Credit Access Life with Rs. 216 crore, and Acko Life with Rs. 159.25 crore.
The top 10 life insurers in terms of AUM are:
1. LIC – Rs. 44,23,580 crore
2. SBI Life – Rs. 3,85,095 crore
3. HDFC Life – Rs. 2,87,137 crore
4. ICICI Prudential Life – Rs. 2,86,820 crore
5. Max Life – Rs. 1,47,428 crore
6. Bajaj Allianz Life – Rs. 1,07,800 crore
7. Tata AIA Life – Rs. 96,799 crore
8. Aditya Birla Sunlife – Rs. 85,763 crore
9. Kotak Mahindra Life – Rs. 79,227 crore
10. PNB Metlife India – Rs. 47,420 crore
The growth in the life insurance industry is a positive sign for the sector, indicating increasing awareness and demand for life insurance products among consumers. The data also highlights the dominance of LIC in the market, as well as the growing presence of private players.