Life Insurance Industry Witnesses Significant Growth in AUM
The Indian life insurance sector has demonstrated substantial expansion, with the total assets under management (AUM) reaching Rs. 62 lakh crore by March 2024. This marks a notable rise from the Rs. 55 lakh crore recorded in March 2023. The data, sourced from the Insurance Regulatory and Development Authority of India (IRDAI), reveals a growth exceeding 9% in AUM over the past year.
Market Leaders
Life Insurance Corporation of India (LIC) continues to dominate the market, managing the highest AUM at Rs. 44 lakh crore in March 2024, which constitutes approximately 72% of the total AUM. Private sector players collectively hold an AUM of Rs. 18 lakh crore.
SBI Life and HDFC Life follow LIC, securing the second and third positions respectively. SBI Life’s AUM stands at Rs. 3.85 lakh crore, while HDFC Life manages Rs. 2.87 lakh crore. ICICI Prudential Life holds the fourth position with Rs. 2.86 lakh crore. Other prominent insurers include Max Life (Rs. 1.47 lakh crore), Bajaj Allianz Life (Rs. 1.07 lakh crore), Tata AIA Life (Rs. 96,000 crore), and Aditya Birla Sunlife (Rs. 85,000 crore).
Growth Highlights
Notably, 18 out of the total 25 life insurers have achieved double-digit growth in their AUM over the past year. Tata AIA Life Insurance leads in terms of percentage growth, with a substantial increase of nearly 39%. Star Union Dai-ichi Life Insurance also reported robust growth, with an increase of 28%. SBI Life Insurance secured the third position in AUM growth with an increase of 26%.
New Entrants
The industry also welcomed new entrants, with Go Digit Life, Credit Access Life, and Acko Life entering the market. Go Digit Life reported the highest AUM among the three, recording Rs. 399 crore, followed by Credit Access Life with Rs. 216 crore. Acko Life recorded an AUM of Rs. 159.25 crore in FY 2024.
Detailed AUM Data
The following table provides a detailed breakdown of the AUM for each insurer:
