India’s Leading BFSI and FinTech Companies 2023

India’s Leading BFSI and FinTech Companies 2023 | 25 [ INDIAN INSURANCE SECTOR OVERVIEW ] New business premium - Life insurance Source: IRDAI Link & Non-liked - Life Insurance split (%) Source: IRDAI Market share - Life Insurance Source: IRDAI The Indian life insurance sector registered 13% y-o-y growth in new business premium (NBP) to INR 3.1 trillion in FY22. The rise in NBP was primarily driven by private life insurers which reported a robust growth of 23% in NBP for FY22 as against 8% growth registered by public sector life insurer. As a result, the market share of private insurers in terms of NBP rose by around 300 bps to 36.8% in FY22. This can be mainly attributed to the development of multiple channels of distribution and product innovation. Wi thin new bus iness , s ingle premium products played a major role for LIC as it grew by 7.8% in FY22. On the other hand, in case of private insurers NBP growth was driven by first year premium which repor ted a growth of 57.8% in FY22. The top 10 private insurers accounted for 87% of the market share in terms of individual weighted received premium in FY22, driven by distribution arrangements with large banks and growth in proprietary channels. Amongst product segments, while non-linked products accounted for 85% share in premium in FY22. Further, life insurance segment accounted for 78% of total life insurance premium, followed by pension and annuity accounting for 18% and 4% of total life insurance premium respectively. Dun & Bradstreet