The insurance industry in India is thriving and has become indispensable for individuals and businesses to protect themselves financially against risks.
As of 2023, there were 67 insurance companies in India – 24 life insurers, 26 general insurers, 5 health insurers and 12 reinsurers.
Indian Insurance Industry Size According to the Insurance Regulatory and Development Authority of India (IRDAI), the Indian insurance market is estimated to reach $222 billion by FY26 from $100 billion in FY21, growing at 17% annually. The life insurance market is projected to log a CAGR of 14% till 2025 to reach $154 billion. Meanwhile, India’s non-life insurance market is expected to grow to $60 billion by 2025.
Top insurance companies in India with their key focus segments:
1. Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) is a prominent name in the Indian insurance sector with a rich history and significant influence.
Here are some key facts about LIC:
- Focus: Life insurance
- LIC is state-owned life insurance company, established in 1956
- Caters to over 290 million policyholders through over 1 million agents
- Market leadership with 64.1% market share in India
- Manages assets of over Rs 45 lakh crore as of 2023
- Operates through 2,048 branch offices and 1,559 satellite offices in India
- Product portfolio includes term plans, endowment policies, ULIPs, microinsurance and group schemes
- Claim settlement ratio of 98.74% for individual policies
2. HDFC Life Insurance Company Ltd
HDFC Life is a subsidiary of HDFC Bank Ltd, and it’s one of the leading life insurance companies in India
Here are some key facts about HDFC Life Insurance:
- Focus: Life insurance
- HDFC Life is one of the leading private life insurers in India
- Commenced operations in 2000
- Product portfolio includes term insurance, savings & investment plans, pension, health and annuity
- Has one of the largest networks of sales and distribution with 400+ branches
- Caters to over 60 lakh customers through dedicated sales force of 200,000+
- Market leadership with private market share of 10.7% as of 2023H1
- Assets Under Management were over Rs 2.4 lakh crore as of Mar 2023
- Revenue was Rs 71 billion (US$ 8.9 billion) for 2023
- Claim settlement ratio: 99.3%
3. SBI Life Insurance Company Limited
- Focus: Life insurance
- SBI Life is a joint venture between State Bank of India and BNP Paribas Cardif
- Commenced operations in 2001
- Product portfolio includes term plans, ULIPs, pension plans, riders, and group insurance
- Serves over 50 million customers through 7000+ branches of SBI
- Operates through 230,000+ agents and corporate agents
- Market share of over 17% as on November 2022 among private insurers
- Revenue from operations was 80,686 crores INR (US$10 billion, 2023)
- Profit after tax grew by 27% YoY to Rs 15.7 billion in FY2022
- Assets under Management (Yearly Avg) was INR 314,686 crore (US$39 billion)[2] (2023)
- Claim Settlement Ratio: 97.74% in 2021-22
4. ICICI Prudential Life Insurance Company Ltd
- Focus: Life insurance
- ICICI Prudential is a joint venture between ICICI Bank and Prudential Corporation Holdings Limited.
- Commenced operations in 2000.
- Offers a range of life insurance products like term insurance, savings and investments, retirement, and health plans.
- Has a network of over 234,000 advisors and distributors.
- Market leadership with private market share of 11% as of Nov 2022.
- Assets under management of over INR 255,851.30 crore (US$32 billion) (2023)
- Revenue was INR 49,569.52 crore (US$6.2 billion) (2023)
- Claim settlement ratio: 97.85%
- Solvency ratio was 204% against regulatory requirement of 150%.
5. Max Life Insurance Company Ltd.
- Focus: Life insurance
- Max Life Insurance is one of India’s premier non-bank promoted private life insurer
- Commenced operations in 2000
- Product portfolio includes life insurance plans, health insurance, retirement plans, savings and investments
- Has presence across 375 offices nationwide through its strong agency force of 90,000+ advisors
- First life insurer in India to be acknowledged as Life Insurer of the Year 2021-22
- Revenue consists of Rs 957 billion of assets under management as of Mar 2022
- Market share stands at 9.4% (private insurers) as of Nov 2022
- Claim settlement ratio of 99.35% – one of the highest in the industry
6. Bajaj Allianz Life Insurance Company Ltd.
- Focus: Life insurance
- Joint venture between Bajaj Finserv Ltd. and Allianz SE, a leading insurance company globally
- Commenced operations in 2001
- Offers life insurance plans including savings, investment, protection, retirement, health insurance and employee benefit plans
- Has presence across over 550 cities through 31,000+ agents
- FY2022 Global Revenue: €145 billion (Parent – Allianz SE)
- FY2022 revenue in India: Rs 15,871 crore
- Accumulated market share of 6.8% in the private life insurance sector (Nov 2022)
- Manages Assets Under Management (AUM) worth over Rs 66,000 crore as of 31st March 2022
- Claims Settlement Ratio: 96.68%
- Solvency Ratio of 549% against regulatory requirement of 150%
7. Aditya Birla Sun Life Insurance Company Ltd.
- Focus: Life insurance
- Joint venture between Aditya Birla Capital and Sun Life Financial Inc.
- Commenced operations in 2007
- Product Portfolio includes life insurance, pension, health, savings and investment plans
- Has over 12 lakh agents and advisors across over 580 branches
- FY2022 revenue: Rs 14,809 crore (US$ 1.8 billion)
- Accumulated market share stands at 9.3% (as of Nov 2022)
- Managed assets worth over Rs 66,443 crore as of March 2022
- Claims Settlement Ratio: 98.32%
8. PNB MetLife India Insurance Company Ltd.
- Focus: Life insurance
- PNB MetLife is a leading life insurance provider in India
- Joint venture between Punjab National Bank and MetLife International
- Commenced operations in 2001
- Offers products like term insurance, savings and income plans, retirement plans, ULIPs etc.
- Serving over 4.5 million customers through 900+ branches
- Has an agency force consisting of over 50,000 advisors
- Revenue of Rs 5,696 crore and Gross Written Premium of Rs 11,434 crore in FY2021-22
- Accumulated market share of 2.1% among private life insurers
- Assets under management were Rs 21,737 crore as on 31 Mar 2022
- Claim settlement ratio: 96.93% for FY2021-22
- Embedded Value stands at Rs 3,249 crore as of Mar 2022
9. Tata AIA Life Insurance Company Ltd.
- Focus: Life insurance
- Commenced operations in 2001
- Product range includes protection plans, savings and retirement plans, ULIPs, traditional plans
- Serving over 4.7 million customers nationwide
- Distributes products through bankassurance tie-ups and over 238,000 advisors
- Revenue of Rs 14,200 crore in FY2021-22
- Manages assets worth over Rs. 52,000 crore as of Mar 2022
- Holds 6.6% private market share as of Nov 2022
- Claim settlement ratio of 96.22% in FY2022
- Embedded Value was Rs 7,649 crore in FY2022
- Value of New Business grew by 45% to Rs 1,426 crore in FY2022
10. Kotak Mahindra Life Insurance Company Ltd.
- Focus: Life insurance
- Kotak Life is a part of the Kotak Mahindra Group
- Commenced operations in 2001
- Offers various insurance products like term plan, ULIPs, savings plans, retirement plans etc.
- Caters to over 8.5 million customers nationwide
- Has partnered with over 244,000 advisors across India
- FY2022 revenue stood at Rs 14,199 crore
- Holds a market share of 7.5% among private players
- Manages Assets Under Management worth Rs 28,000 crore
- Claim Settlement Ratio: 92.26% in FY2022
11. The New India Assurance Co. Ltd.
- Focus: Non-life insurance
- New India Assurance is a government-owned general insurance company
- Founded in 1919, headquartered in Mumbai
- Offers insurance products like motor, health, fire, marine, crops, personal accident
- Serves over 200 million policyholders across the country
- Has over 100,000 agents, 350+ branch offices and 900+ divisional units
- Gross Direct Premium Income was Rs 28,463 crore in FY2022
- Underwriting profit of Rs 1,834 crore in FY2022
- Market share of 15.1% in non-life insurance sector
- Total assets of over Rs 82,774 crore as of Mar 2022
- Solvency ratio was 2.53 as on 31st March 2022
- Claim settlement ratio was 96.5% in FY2022
12. United India Insurance Company Ltd.
- Focus: Non-life insurance
- United India is a leading public sector general insurance company
- Founded in 1938, headquartered in Chennai
- Key products include motor, health, personal accident, fire, marine, liability
- Over 200 regional offices and 1,500 micro offices across India
- Serves over 15 million policy holders
- Has an agency force of over 35,000 individual and corporate agents
- Gross Direct Premium Income was Rs 12,909 crore in FY2022
- Incurred Claim Ratio of 79.53% in FY2022
- Holds a market share of 6.84% in non-life insurance space
- Registered a profit (after tax) of Rs 840 crore in FY2022
- Total Assets of over Rs 50,300 crore as on 31st March 2022
- Solvency Ratio was 2.53x as on 31st March 2022
13. National Insurance Company Ltd.
- Focus: Non-life insurance
- National Insurance is a leading government-owned general insurer in India
- Founded in 1906, headquartered in Kolkata
- Product offerings include motor, health, fire, marine, personal accident policies
- Serves over 15 million customers nationwide
- Operates through over 100 divisional offices across India
- Agency network of over 35,000 individual and corporate agents
- Gross Direct Premium of Rs 14,072 crore in FY2021-22
- Combined Ratio of 107.7% for FY2021-22
- Holds about 6.5% market share in non-life insurance space
- Total assets of over Rs 44,300 crore as on March 2022
- Incurred claim ratio of 79.26% for FY2021-22
- Solvency ratio was 1.90x as on 31st March 2022
14. Oriental Insurance Company Ltd.
- Focus: Non-life insurance
- Oriental Insurance is a leading public sector general insurance company
- Founded in 1947 and headquartered in New Delhi
- Provides non-life insurance products like motor, health, fire, marine, projects, liability
- Over 150 regional offices & 1,000 micro offices across India
- Caters to 70+ million customers nationwide
- Agency network of 35,000+ individual and corporate agents
- Gross Direct Premium Income grew to Rs 12,850 crore in FY2022
- Market share of 6.9% among non-life insurers in India
- Net Profit (after tax) of Rs 731 crore posted in FY2022
- Combined ratio of 102.12% in FY2022
- Total assets of over Rs 43,810 crore as on 31st March 2022
15. ICICI Lombard General Insurance Company Ltd.
- Focus: Non-life insurance
- ICICI Lombard is one of the leading private sector non-life insurers in India
- Commenced operations in 2001
- Offers products like motor, health, fire, travel, marine, liability insurance
- Serves over 76 million customers through multiple distribution channels
- Has a network of 7,000+ corporate agents and 290 branches across India
- Gross Direct Premium Income of Rs 14,896 crore in FY2022
- Market share of 8.4% among non-life insurers
- Combined ratio stood at 103.2% for FY2022
- Assets Under Management cross Rs 50,000 crore milestone as of Mar 2022
- Return on Equity stood at healthy 18.2% for FY2022
16. Bajaj Allianz General Insurance Company Ltd.
- Focus: Non-life insurance
- Bajaj Allianz General Insurance is a leading private general insurer in India
- Joint venture between Bajaj Finserv Limited and Allianz SE
- Commenced operations in 2001
- Product offerings include – motor, health, personal accident, home, fire, marine, travel
- Serves over 1 crore customers across India
- Agency force of 12,000+ advisors & corporate agents
- Gross Written Premium (GWP) of Rs 10,498 crore in FY2022
- Market leader in Motor Insurance with a Private Sector share of 15.4%
- Incurred Claim Ratio (ICR) of 75.4% in FY2022
- Combined Ratio of 96.1% in FY2022
- Total Assets of Rs 20,844 crore as on 31 Mar 2022
17. Tata AIG General Insurance Company Ltd.
- Focus: Non-life insurance
- Tata AIG General Insurance is a joint venture between Tata Sons and American International Group (AIG)
- Commenced operations in 2001
- Product portfolio includes motor, health, travel, home, accident, fire, marine, liability insurance
- Serves over 1 crore customers across India
- Distributes products through partners like banks, NBFCs, brokers etc
- Gross Written Premium of Rs 14,610 crore in FY2022
- Combined Ratio of 102.8% in FY2022
- Holds around 7.9% market share among private non-life insurers
- Reported Profit After Tax of Rs 462 crore in FY2022
- Total Assets of over Rs 50,400 crore as on 31st March 2022
18. Reliance General Insurance Company Ltd.
- Focus: Non-life insurance
- Reliance General Insurance is among the leading private sector General Insurance companies in India
- Commenced operations in 2000
- Offers a range of insurance products like Motor, Health, Travel, Home, Personal Accident, etc.
- Serves over 100 million customers across India
- Has an extensive distribution network of 400+ branches
- Gross Written Premium was Rs 7,850 crore for FY2022
- Holds around 4.2% market share among private non-life insurers
- Combined Ratio stood at 105.8% in FY2022
- Incurred Claims Ratio was 71.7% for FY2022
- Assets Under Management crossed Rs 9,000 crore milestone as of March 2022
19. IFFCO Tokio General Insurance Company Ltd.
- Focus: Non-life insurance
- IFFCO Tokio General Insurance is a joint venture between IFFCO and Tokio Marine Group
- Commenced operations in 2000
- Offers a diverse range of non-life insurance products like Motor, Health, Fire, Travel, Accidents
- Serving over 60 lakh customers across India
- Distribution network includes 150+ branches and over 35,000 agents
- Gross Written Premium was Rs 1,756 crore for FY2022
- Holds 1.1% market share among private non-life insurers
- Combined Ratio was 110.5% for FY2022
- Assets Under Management were over Rs 7,500 crore as of March 2022
- Incurred Claims Ratio stood at 79.7% for FY2022
20. Star Health and Allied Insurance Company Ltd.
- Focus: Health insurance
- Star Health is the largest private health insurance company in India
- Commenced operations in 2006
- Offers a range of health insurance plans like Family Health Optima, Senior Citizens Red Carpet, Critical Illness etc.
- Served over 10 crore customers since inception
- Distribution network includes 779 offices across India
- Gross Written Premium was Rs 14,054 crore in FY2022
- Holds market leading position with 28% market share in health insurance
- First year premium was Rs 5,025 crore in FY2022
- Combined ratio was 109.8% in FY2022
- Assets Under Management were over Rs 9,600 crore as of March 2022
21. Apollo Munich Health Insurance Company Ltd.
- Focus: Health insurance
- Apollo Munich Health Insurance is a joint venture between Apollo Hospitals & Munich Health
- Commenced operations in 2007
- Offers health insurance plans like Optima Restore, Energy, VitalLife and Critical Illness
- Over 7 million lives are insured under various health plans
- Has a network of over 11,500 hospitals for cashless claims settlement
- Gross Written Premium was Rs 4,541 crore for FY2022
- Holds around 8.3% market share among health insurance providers
- First year premium was Rs 1,312 crore in FY2022
- Combined Ratio of 107.8% in FY2022
- Total Assets of over Rs 5,700 crore as on 31 March 2022
22. Max Bupa Health Insurance Company Ltd.
- Focus: Health insurance
- Max Bupa Health Insurance is a 51:49 joint venture between Max India Ltd. & Bupa Finance Plc.
- Commenced operations in 2010
- Offers indemnity and fixed benefit health insurance plans
- Has a cashless network of over 11,000 hospitals
- Serves 40+ lakh customers across the country
- Gross Written Premium was Rs 2,684 crore for FY2022
- Holds around 8.3% market share as on date
- First year premium was Rs 598 crore for FY2022
- Combined ratio of 117.9% in FY2022
- Total Assets of over Rs 3,615 crore as on 31 March 2022
FAQs about Insurance Industry India
Q: Which is the largest insurance company in India?
A: Life Insurance Corporation of India (LIC) is the largest insurance company in India with a market share of 58.5% in the life insurance space.
Q: How many insurance companies are there in India as of 2023?
A: There are 67 insurance companies in India – 24 life insurers, 26 general insurers, 5 health insurers and 12 reinsurers.
Q: Which insurance sector is growing faster in India?
A: The life insurance sector has outpaced the growth of the non-life insurance sector over the last few years. However, both markets are estimated to grow at double digit CAGR till 2025.
Q: What is the current size of India’s insurance industry?
A: India’s insurance industry is estimated to be a US$220 billion market as of 2022 and is expected to grow to US$ 280 billion by 2025.
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