The share of Life Insurance Corporation of India in the insurance business of the country has increased to 68.57% by July 2022. It was at 65.42% at the end of June. Public sector company LIC had a market share of 65.11 per cent last year. Life Insurance Corporation of India has collected premium of 29117 crores in July 2022
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India’s largest insurance company is making a new record in terms of market share. The market share of Life Insurance Corporation of India or LIC has reached close to 68.57%. Life Insurance Corporation of India has registered a great growth in business in July 2022 as compared to its rival companies.
LIC has told this in the information given to the insurance regulator IRDA. The share of Life Insurance Corporation of India in the insurance business of the country has increased to 68.57% by July 2022. It was at 65.42% at the end of June. Public sector company LIC had a market share of 65.11 per cent last year.
Life Insurance Corporation of India has collected premium of 29117 crores in July 2022. LIC’s premium collection amount has more than doubled as compared to the same period last year. In July last year, LIC had collected a premium of 12031 crores.
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SBI Life has been able to maintain its market share above 7 per cent in India’s life insurance business. Its market share has come down to 7.02 per cent from 7.5 per cent in June. SBI has achieved a growth of 54% in its total premium collection. SBI Life’s premium collection was 5145 crores in this period 1 year ago, which has now increased to 7915 crores.
Talking about other companies doing life insurance business in India, HDFC Life and ICICI Prudential Life Insurance have managed to stay at number three and fourth position in terms of market share. HDFC Life has a market share of 6 per cent, as against 8 per cent in July a year ago.
ICICI Prudential has a market share of 4 per cent, up from 5 per cent a year ago. Motilal Oswal Financial Services has said that the life insurance industry is witnessing a slight weakness in July 2022 after registering a spectacular growth for the last few months.
MOFSL said, “We believe that the growth of the insurance business is going to be healthy. The recovery in the protection business along with annuity and non-participatory policies is expected to record a boom in the life insurance business.”
There has been a weakness in the premiums of HDFC Life and SBI Life, listed insurers in the stock market. ICICI Prudential Life and Max Life have seen the biggest weakness in premium collection.
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