India’s insurance and pension market bolstered by B2B spending

Life Insurance Corp of India leads the sector.

In 2023, B2B spending accounts for 67.0% of India’s insurance and pension funding market demand, according to Euromonitor International. 

Life Insurance Corp of India leads the sector, contributing 12.0% of the industry’s total turnover. 

The top five companies together make up 20.4% of production value, whilst the number of companies rises to 4,026,123. Industry costs increase by 1.9%, mainly due to higher labour expenses. 

Profitability improved to 36.2% of turnover, the fourth highest in the region. India, with a turnover of $41.6b, represents 7.8% of the Asia Pacific total.