LIC grabs 67% of new biz in first 5 months

The market share of India’s largest insurer, Life Insurance Corporation (LIC), rose to 67 per cent in the new business category in the first five months of the current fiscal, a rise of about 45 per cent over the same period last year, according to data by the Insurance Regulatory Development Authority (Irda).

LIC mopped up Rs 20,810 crore during April-August period of the current fiscal, compared with Rs 14,359 crore during the same period last year. The market share of the country’s largest insurer increased to 67 per cent from 54 per cent during the same period, the data said. Overall, the life industry grew by 17 per cent in April-August of the current fiscal, with the life insurance companies’ premium rising to Rs 31,039 crore as against Rs 26,449 crore during the same period last year.

However, private life insurers registered a negative growth of about 15 per cent during the first five months of the current fiscal. The 21 private life insurers managed to mop up Rs 10,227 crore during April-August as against Rs 12,089 crore during the same period last year.