LIC market share rises to 68.24%

Life Insurance Corporation (LIC), which was beneath stress from personal gamers, turned the tables on them with its market share in new enterprise premium leaping to 68.24 per cent in the course of the six-month interval ended September 2022 as towards 64.48 per cent in September 2021 and 63.24 % in March 2022.

Giving the personal gamers a run for his or her cash, new enterprise premium of public sector LIC, India’s largest insurance coverage firm with property of Rs 41 lakh crore, jumped by 45.99 per cent to Rs 124,191 crore in the course of the six-month interval ended September 2022 as towards Rs 85,112.59 crore in the identical interval final yr.

On the opposite hand, the market share of personal gamers fell to 31.75 per cent as of September 2022 from 35.51 per cent a yr in the past. LIC’s progress outpaced the overall life section’s progress which got here at 37.88 per cent. Total premium underwritten by the complete life segments rose to Rs 181,977 crore as towards Rs 131,981 crore within the six- month interval ended September 2021.

The new enterprise premium of personal gamers confirmed a decrease progress than LIC at Rs 57,785.88 crore as towards Rs 46,869 crore final yr, an increase of 23.29 per cent. SBI Life registered a 27.22 per cent rise in premium underwritten at Rs 13,087 crore as towards Rs.10,287 crore a yr in the past. HDFC Life confirmed a progress of 5.73 per cent at Rs 11,039 crore in the course of the six-month interval ended September 2022.

LIC’s group single premium revenue shot up by 56.91 % to Rs 96,878 crore from Rs. 61,741 crore, in line with figures launched by the Life Insurance Council. “The insurance industry today has bounced back from the issues which arose during the lockdown period. People realized the importance of managing their risks while investing their savings in appropriate insurance schemes. The boom witnessed is due to a majority of factors… we need to make sure to curate and conceptualize newer concepts and ideas to realize this dream of a fully insured India,” LIC Chairman MR Kumar mentioned on the NIA summit on Monday.

Shares of LIC which have been supplied at Rs 949 per share within the IPO, have now come all the way down to Rs 619.65 on the inventory exchanges. While LIC market capitalisation is now Rs 391,928 crore, SBI Life has a market valuation of Rs 120,646 crore.