Top Companies in the Life Insurance Market
- MetLife, Inc.
- Prudential Financial, Inc.
- Manulife Financial Corporation
- Sun Life Financial
- AIA Group Limited
- AXA S.A.
- Allianz SE
- Aviva plc
- Legal & General Group
- Zurich Insurance Group
- Nippon Life Insurance
- Dai-ichi Life Holdings
- New York Life Insurance Company
- Northwestern Mutual Life Insurance
- MassMutual (Massachusetts Mutual Life Insurance Company)
- Guardian Life Insurance Company
- China Life Insurance Company
- Ping An Insurance Group
- HDFC Life Insurance (India)
- LIC (Life Insurance Corporation of India)
Market Growth
The global life insurance market size is estimated at US$ 3.59 trillion in 2024, is projected to grow to US$ 3.65 trillion in 2025, and is expected to reach around US$ 4.20 trillion by 2034. The market is projected to expand at a CAGR of 1.54% between 2025 and 2034.
What are the Life Insurance Market Trends?
Increasing government support to healthcare life insurance through providing funding and cashless treatment services, which contributes to the growth of the market.
For instance,
- In August 2025, the Centre proposed exempting life and health insurance policies for individuals from the ambit of GST, the head of the panel of ministers set up by the GST council, a move that is expected to provide relief to large sections of consumers
Growing awareness related to healthcare insurance promotes financial support and provides better health results, which contributes to the growth of the market.
For Instance,
- In September 2025, Bima Vistaar, an insurance product covering life, health, and property for rural people, is likely to be launched by an industry organisation. Bima Vistaar will be launched, targeting an increase in the insurance penetration in rural India.
Latest Announcements by Industry Leaders
In February 2025, Dadi, CEO & Founder of Qantev, stated, “By combining INSTANDA's agile product development, distribution, and policy administration capabilities with Qantev's AI claims management features, we're offering insurers a comprehensive solution that addresses both front-end and back-end challenges.”
Recent Developments in the Life Insurance Market
- In August 2025, ManipalCigna Health Insurance, one of India’s leading standalone health insurance companies, announced the appointment of Joydeep Saha as its new Managing Director &Chief Executive Officer, following regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI).
- In August 2025, SBI Life Insurance, one of India's most trusted private life insurers, announced the launch of its latest protection offering, SBI Life Smart Shield Plus. This individual, non-linked, non-participating, pure risk life insurance product is designed to address the evolving protection needs of today's consumers. With its future-ready approach, SBI Life Smart Shield Plus offers a flexible and scalable term insurance plan that adapts seamlessly to an individual's growing responsibilities across life's key milestones.
- In June 2025, Aditya Birla Sun Life Insurance Company Limited, the life insurance subsidiary of Aditya Birla Capital, India’s leading diversified financial services company, announced the launch of ABSLI Super Term Plan. This all-in-one pure protection term insurance is designed to provide goal-linked financial protection along with built-in health management services.
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