5 Largest Insurance Companies In India
- LIC is the sole public sector and largest life insurance company in India that employs more than 1 lakh people
- Around 57 insurance companies operates in India and in life insurance India is the world’s 10th largest market
India is the world’s 2nd largest country in population. Around 1.38 billion or 138 crore people lives in this country. Data suggests that around 514 million or 51.4 crore Indians are covered under health insurance. This makes India the 10th largest life insurance market and 14th in non-life insurance. Around 42 crore Indians still don’t have any life insurance which is 30% of the population. So largest insurance companies In India still have a room for improvement and future on the insurance market is full of potential
In wellbeing of the economy, insurance plays an important role. There are around 57 insurance companies in India and 24 of them are life insurance companies. To boost the insurance industry Government of India has taken numerous initiatives. Insurance Regulatory and Development Authority of India (IRDAI) regulates the country’s insurance industry. Here’s the list of 5 largest insurance companies in India:
LIC (Life Insurance Corporation)
Founded on 1 September 1956, LIC is the largest life insurance provider in India. This public sector company is owned by Government of India itself and holds more than 52% market share in the life insurance market. More than 20,000 crore of unclaimed funds are under LIC. Around 1,14,000 employees works under this government organisation which includes agents and permanent employees. LIC is headquartered in Mumbai.
| Assets | ₹4,254,058 crore ($530 billion) |
| Revenue | ₹724,743 crore ($91 billion) |
| Operating Income | ₹13,975 crore ($1.8 billion) |
| Net Income | ₹4,124 crore ($520 million) |
| Employees | 1,14,000 |
LIC has assets worth ₹4,254,058 crore which translates to $530 billion. Revenue stands at ₹724,743 crore or $91 billion which is highest among all other insurance companies in India. Operating income of LIC is around ₹13,975 crore or $1.8 billion while net income stands at $520 million or ₹4,124 crore.
Read More – India’s Major Industries That Makes It A Global Economy
HDFC Life Insurance
India’s 2nd largest insurance provider is HDFC Life Insurance. This insurance company was incorporated on 14 August 2000 and holds 14.25% market share in India’s insurance market. 16,544 employees work in HDFC Life Insurance. India’s leading housing finance company HDFC Ltd. holds 51.69% stake in HDFC Life Insurance headquartered in Mumbai.
| Assets | ₹132,223.86 crore (US$17 billion) |
| Revenue | ₹1,687 crore (US$210 million) |
| Operating Income | ₹1,313 crore ($160 million) |
| Net Income | ₹1,297.45 crore ($160 million) |
| Employees | 16,544 |
Assets worth ₹132,223.86 crore or US$17 billion are under HDFC Life Insurance. Revenue of this company stood at ₹1,687 crore or US$210 million in 2020. Net income of HDFC Life Insurance is ₹1,297.45 crore or $160 million while its operating income was ₹1,313.92 crore or $160 million in 2020.
SBI Life Insurance
India’s 3rd largest insurance company is SBI Life Insurance. It is a subsidiary of India’s largest bank SBI (State Bank Of India) and the bank owns 55.50% stakes in it. On 11 October 2000 SBI Life Insurance company was incorporated in Mumbai and soon started providing insurance. SBI Life Insurance has around 18,000 employees.
| Assets | ₹268,207 crore ($34 billion) |
| Revenue | ₹84,015 crore ($11 billion) |
| Operating Income | ₹1,838 crore ($230 million) |
| Net Income | ₹1,505 crore ($190 million) |
| Employees | 18,000 |
SBI Life Insurance has assets worth ₹268,207 crore or $34 billion. In India’s insurance market SBI Life Insurance has around 9% market share. Revenue of this company is at ₹84,015 crore or $11 billion. Operating income stood at ₹1,838 crore or $230 million while net income stands at ₹1,505 crore or $190 million.
ICICI Prudential Life Insurance
With 6.35% market share, ICICI Prudential Life Insurance is India’s 4th largest Insurance provider. In 2016 the ICICI Prudential Life Insurance became the first Insurance company to be listed on National Stock Exchange. One of the India’s leading banks ICICI owns a majority stake in this Insurance company. One of the India’s leading insurance provider Bharti AXA got merged with ICICI Lombard in 2021.
| Assets | ₹156,030 crore ($20 billion) |
| Revenue | ₹2,652 crore ($330 million) |
| Operating Income | ₹1,066 crore ($130 million) |
| Net Income | ₹1,066 crore ($130 million) |
| Employees | 14,600 |
Total assets under ICICI Prudential life is worth ₹156,030 crore or $20 billion. Revenue of this Insurance company stood at ₹2,652 crore or $330 million in 2020. Operating income was ₹1,066 crore or $130 million while net income stood at ₹1,066 crore or $130 million. Around 14,600 employees work under this organisation.
Max Life Insurance
With a market share of 1.5%, Max Life Insurance is the 5th largest Insurance provider in India. Operations of this company began in 2001. Max Life is a subsidiary of Max Financial Services that owns a 68% stake in it. India’s leading bank Axis bank too owns a 6% share in Max Life Insurance.
| Assets | ₹65,500 Crore ($8 billion) |
| Net income | ₹440 crore |
| Employees | 5,600 |
Total assets under Max Life Insurance stands at around ₹65,500 crore or $8 billion. Net income stands at ₹440 crore. Around 5,600 employees work under this organisation. So These Were 5 Largest Insurance Companies In India.
| Life Insurance Corporation | 52.75% |
| HDFC Life Insurance | 14.25% |
| SBI Life Insurance | 9.5% |
| ICICI Prudential Life | 6.35% |
| Max Life Insurance | 1.5% |
