In 2021, India accounted for 3.23% of the global life insurance market. In FY22, the life insurance premium saw YoY growth of 10.2%, with new businesses accounting for 45.5% of the total premiums that life insurers received. In 2021, India accounted for less than 1% of the global non-life insurance market. In 2021, the non-life insurance market in India grew by 11.3%, while the non-life insurance premium globally increased by only 8.4%. Driven mainly by the health and motor segments, the gross direct premium of non-life insurers (both inside and outside of India) saw YoY growth of 10.8%.

List of Top 3 Life & Health Insurance in India (BSE) based on Net Profit.

Company Name Net Profit (Rs. cr)
LIC India 36,397.39
SBI Life Insura 1,720.57
HDFC Life 1,360.13
Source: BSE, India, last updated 22 February, 2024

This news is a creative derivative product from articles published in famous peer-reviewed journals and Govt reports:

1. AlJohani, B. A., & Bugis, B. A. (2024). Advantages and Challenges of Implementation and Strategies for Health Insurance in Saudi Arabia: A Systemic Review. INQUIRY: The Journal of Health Care Organization, Provision, and Financing, 61, 00469580241233447.
2. Guo, Y., Copado, I. A., Yonamine, S., Ma, C. J., McLeod, S., Arnold, B. F., … & Sun, C. Q. (2024). The relationship between health insurance status and diabetic retinopathy progression. Ophthalmology Science, 4(3), 100458.
3. Nabanoba, C., & Zakumumpa, H. (2024). Experiences of membership in munno mubulwadde (your friend indeed)-a novel community-based health insurance scheme in Luwero district in rural central Uganda. BMC Health Services Research, 24(1), 89.
4. Adetutu, M. O., Odusanya, K. A., Rasciute, S., & Stathopoulou, E. (2024). Pollution risk and life insurance decisions: Microgeographic evidence from the United Kingdom. Risk Analysis.
5. Do Hwang, I. (2024). Behavioral aspects of household portfolio choice: Effects of loss aversion on life insurance uptake and savings. International Review of Economics & Finance, 89, 1029-1053.

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