New Delhi, Sept 12 : Life Insurance Corporation of India’s market share increased by 3.34 percent market (by premium) year-on-year to 73.06 percent in the April-August period, according to IRDAI.
Data showed that LIC collected Rs 77,220.97 crore in the April to August period, showing a 46.52 percent YoY growth. During the same period last year, LIC saw a 0.41 percent drop in its new premium collection, at Rs 52,701.86 crore.
LIC has done well to see off competition from private life insurers, whose market share in the five months came down to 26.94 percent, from 30.28 percent a year earlier.
Of these, HDFC Life has 6.34 percent (compared to 6.39 percent a year ago) and is the second largest life insurer. ICICI Prudential Life’s market share came down to 3.99 percent compared to 4.56 percent a year ago.
The life insurance industry showed a 39.84 percent YoY growth in new premiums to Rs 1.05 lakh crore in the first five months of the current financial year.
Private life insurers saw a 24.4 percent YoY rise in premium to Rs 28,480.43 crore in the April to August period.
Among the listed entities, SBI Life Insurance collected Rs 5,928.76 crore, up 33.08 percent YoY. HDFC Life Insurance posted a 38.81 percent increase in new premium collection to Rs 6,700.21 crore. ICICI Prudential Life Insurance saw a 22.29 percent YoY growth in premium collection to Rs 4,213.72 crore.
