LIC, HDFC Life, SBI Life Top First-Year Premium Rankings in FY25: IRDAI Data

The life insurance sector in India has experienced growth in the first-year premiums in FY25, according to data released by the Insurance Regulatory and Development Authority of India (IRDAI). 

The total new business premium collected by the life insurance industry for FY25 amounted to ₹3.97 lakh crore, a significant 5% increase compared to the ₹3.77 lakh crore collected in FY24. This uptick represents a growth of ₹19,400 crore, reflecting the steady rise in the life insurance market.

Read More: What is Life Insurance & How it Works? Types, Benefits. 

LIC India Leads the Market

Life Insurance Corporation of India (LIC) continues to dominate the market in FY25. The company has received a new business premium of ₹2.26 lakh crore, an increase of 1.86% compared to FY24. This growth reinforces LIC's position as the largest player in the Indian life insurance market, holding a market share of 57%. Despite the competitive environment, LIC's dominance remains undisputed in terms of premium collection.

SBI Life: Decline in First-Year Premiums

While SBI Life Insurance ranks second in terms of new business premiums, the company experienced a decline in FY25. The insurer reported a total of ₹35,580 crore in new business premiums, representing a 7% decrease of ₹2,661 crore from FY24. Despite this decline, SBI Life maintains a strong position in the industry but faces pressure from increasing competition and changing market dynamics.

HDFC Life: A Strong Performer

HDFC Life Insurance has reported a positive growth trajectory in FY25, securing the third position in terms of new business premium collections. With a new business premium of ₹33,760 crore, HDFC Life has witnessed a remarkable 13% growth from FY24, reflecting the insurer's ability to expand its customer base and product offerings. HDFC Life continues to be one of the most competitive players in the market.

ICICI Prudential Life and Bajaj Allianz Life

The fourth and fifth positions are occupied by ICICI Prudential Life Insurance and Bajaj Allianz Life Insurance, respectively.

• ICICI Prudential Life reported a new business premium of ₹22,585 crore, marking a healthy growth of 25% in FY25. This growth highlights the company's increasing market penetration and customer trust.
   
• Bajaj Allianz Life has collected ₹12,300 crore in new business premiums, with a 7% growth compared to FY24. Although not as rapid as some of its competitors, Bajaj Allianz remains an important player in the life insurance sector.

Go Digit Life has achieved the highest growth in new business premium collections for FY25, with a remarkable increase of 151%. Following closely are CreditAccess Life and Bandhan Life, with growth rates of 99% and 98%, respectively, marking them as the next top performers in percentage terms for the last financial year.

Conclusion

The life insurance sector in FY25 has demonstrated robust growth, with some players experiencing remarkable performance while others face challenges. Companies like LIC, SBI Life, and HDFC Life continue to lead the market.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.