LIC gains market share with individual new business premium growing 44% in January
Life Insurance Corporation of India (LIC), which is slated to hit the primary market towards the end of next fiscal, has delivered strong performance over the past year, gaining significant market share. In January, the insurer posted strong growth of 44.8 per cent in individual first-year premium, while private players grew by a lower 11.5 per cent. The robust growth reported by LIC in January follows a strong traction witnessed by the insurer through this fiscal. For the first 10 months of FY20 (April-January), LIC’s first-year premium grew by 43 per cent year-on-year, while private players saw first-year premium grow by about 20 per cent during this period. LIC’s strong performance has led to substantial market share gains, with the insurer commanding 70 per cent market share, up from 66 per cent last year.