Indian Life insurance
industry reaches AUM of Rs.62 lakh crore in 2024
Insurance Regulatory and
Development Authority of India (IRDAI) data shows that the Indian
life insurance industry has witnessed over 9% growth in AUM (Assets Under
Management).
Its AUM has increased from Rs.55
lakh crore in March 2023 to Rs.62 lakh crore in March 2024.
LIC India
commands the highest AUM of Rs.44 lakh in March 2024 in the life insurance
industry accounting for 72% of the total AUM.
On the
other hand, private players have a total AUM of Rs. 18 lakh crore in March
2024.
SBI Life
and HDFC Life follow LIC of India taking second and third position by 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/
Max Life
(Rs. 1.47 lakh crore), Bajaj Allianz Life (Rs. 1.07 crore),Tata AIA Life (Rs
96,000crore) Aditya Birla Sunlife (Rs. 85,000 crore) are the next on the list.
Notably,
of the total 25 life insurers, 18 insurers have reported a double-digit growth
in their AUM over the last one year.
In terms
of percentage growth compared to the previous year’s AUM, Tata AIA Life
Insurance stands out with the highest increase of nearly 39%.
Star
Union Dai-ichi Life Insurance has also registered a 28% growth. SBI
Life Insurance is third in this list with growth of 26% growth in its AUM.
Go Digit
Life, Credit Access Life and Acko Life have all made their debut in the life insurance
industry. Go Digit Life reported the highest AUM in 2024 among the
three, with AUM or Rs.399 crore, followed by Credit Access Life with
Rs.216 crore. Acko Life has recorded an AUM of 159.25 crore in FY 2024.
Let us look
at the table to know more.
|
Ranking(in
terms of 2024 AUM) |
Insurers |
AUM in
March 2024 (Rs.in crore) |
AUM in
March 2023 (Rs. in crores) |
Absolute
change (Rs in crores) |
Change |
|
1 |
LIC |
44,23,580 |
4043656 |
3,79,924 |
9% |
|
2 |
SBI
Life |
3,85,095 |
305414 |
79,681 |
26% |
|
3 |
HDFC
Life |
2,87,137 |
236994 |
50,142 |
21% |
|
4 |
ICICI
Prudential Life |
2,86,820 |
246442 |
40,378 |
16% |
|
5 |
Max
Life |
1,47,428 |
122080 |
25,348 |
21% |
|
6 |
Bajaj
Allianz Life |
1,07,800 |
89396 |
18,404 |
21% |
|
7 |
Tata
AIA Life |
96,799 |
69743 |
27,056 |
39% |
|
8 |
Adity
Birla Sunlife |
85,763 |
69887 |
15,876 |
23% |
|
9 |
Kotak Mahindra Life |
79,227 |
63963 |
15,264 |
24% |
|
10 |
PNB Metlife India |
47,420 |
39620 |
7,800 |
20% |
|
11 |
Canara HSBC Life |
37,313 |
30167 |
7,146 |
24% |
|
12 |
Reliance Nippon Life |
35,045 |
30477 |
4,568 |
15% |
|
13 |
IndiaFirst Life |
26,656 |
21430 |
5,225 |
24% |
|
14 |
Star Union Dai-ichi Life |
23,994 |
18718 |
5,276 |
28% |
|
15 |
Ageas Federal Life |
16,992 |
14682 |
2,310 |
16% |
|
16 |
Bharti AXA Life |
15,302 |
12938 |
2,364 |
18% |
|
17 |
Aviva Life |
13,843 |
12342 |
1,500 |
12% |
|
18 |
Shriram Life |
11,118 |
8977 |
2,141 |
24% |
|
19 |
Pramerica Life |
8,422 |
7223 |
1,200 |
17% |
|
20 |
Future Generali India Life |
7,977 |
7092 |
885 |
12% |
|
21 |
Edelweiss Tokio Life |
7,920 |
6581 |
1,339 |
20% |
|
22 |
Bandhan Life |
4,425 |
4096 |
329 |
8% |
|
23 |
Go Digit Life |
399 |
NA |
NA |
|
|
24 |
Credit Access Life |
216 |
NA |
NA |
|
|
25 |
Acko Life |
159 |
NA |
NA |
|
|
|
TOTAL |
61,56,850 |
5461917 |
|
|
