New Delhi: The country’s largest insurer Life Insurance Corp. (LIC) has increased its market share to 62% among life insurers in the first quarter of current fiscal, thereby growing by about 20%, compared to same period last year.
According to Irda figures, LIC mopped up Rs9,028.68 crore in the first quarter of the current fiscal compared to Rs7,524 crore during the same period last year.
The country largest insurer increases it market share to about 62% from about 52% during the first quarter of the last fiscal.
Overall, the life-industry grew by about 1% in the first quarter of the current fiscal, with the life insurance companies’ premium rising mildly to Rs14,456.34 crore against Rs14,320.21 crore during the same period last year.
However, the private life insurers registered a negative growth of about 25% during the first three months of the current fiscal.
The 21 private life insurers managed to mop-up Rs5,427.67 crore in the first quarter of the current fiscal against Rs6795.64 crore during the same period last year.
SBI Life, the country’s largest private insurer saw its premium decline to Rs1,072.73 crore in the first three months against Rs1,148.67 crore raised during first quarter of the last fiscal.
While, ICICI Prudential’s premium dipped to Rs807.07 crore against Rs1,590.27 crore in the first three months of the last fiscal.