LIC market share rises to 68.24%

LIC market share in new business premium jumped to 68.24 per cent during the six-month period ended September 2022 as against 64.48 per cent in September 2021 and 63.24 percent in March 2022.

LIC’s new business premium jumped by 45.99 per cent to Rs 124,191 crore during the six-month period ended September 2022 as against Rs 85,112.59 crore in the same period last year.

On the other hand, the market share of private players fell to 31.75 per cent as of September 2022 from 35.51 per cent a year ago. LIC’s growth outpaced the total life segment’s growth which came at 37.88 per cent. Total premium underwritten by the entire life segments rose to Rs 181,977 crore as against Rs 131,981 crore in the six- month period ended September 2021.