LIC loses market share; ICICI Prudential sees signs of growth

According to the latest data from the insurance regulator, despite the blow from the pandemic, private life insurers have continued to corner market share shows. Private sector life insurers have been eating into the market share of LIC for years now. It is found that in an annualised premium equivalent basis, LIC lost 200 basis points month-on-month in market share to private sector peers in February.

ICICI Prudential Life Insurance Co Ltd improved its market share significantly. ICICI Prulife reported its first monthly growth in retail APE for FY21. Its retail APE grew by 6% year-on-year.

Ana analyst wrote, “We expect growth trajectory to continue improving for IPRU Life into FY22 on lower base, better environment for ULIPs, traction from new banca partnerships and pickup in credit protect on improving disbursals.”