LIC has edge over private insurers: Gains market share in FY23

Top private insurance firms shed 447 bps as national insurer gets aggressive in group biz

Life Insurance Corporation (LIC) of India has gained almost 4.5 percentage points market share in the current financial year (2022-23, or FY23) in new business premium (NBP) from private players, mainly on account of robust growth in its group business segment.
 

According to the latest data released by the insurance regulator – the Insurance Regulatory and Development Authority of India - LIC improved its market share by 67.72 per cent as of October, a gain of 447 basis points (bps), while private sector insurance companies’ market share dropped to 32.28 per cent.
 

At the end of 2021-22, private players had