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Life Insurance Corporation (LIC), which was under pressure from private players, turned the tables on them with its market share in new business premium jumping to 68.24 per cent during the six-month period ended September 2022 as against 64.48 per cent in September 2021 and 63.24 percent in March 2022.
Giving the private players a run for their money, new business premium of public sector LIC, India’s largest insurance company with assets of Rs 41 lakh crore, jumped by 45.99 per cent to Rs 124,191 crore during the six-month period ended September 2022 as against Rs 85,112.59 crore in the same period last year.
On the other hand, the market share of private players fell to 31.75 per cent as of September 2022 from 35.51 per cent a year ago. LIC’s growth outpaced the total life segment’s growth which came at 37.88 per cent. Total premium underwritten by the entire life segments rose to Rs 181,977 crore as against Rs 131,981 crore in the six- month period ended September 2021.
The new business premium of private players showed a lower growth than LIC at Rs 57,785.88 crore as against Rs 46,869 crore last year, a rise of 23.29 per cent. SBI Life registered a 27.22 per cent rise in premium underwritten at Rs 13,087 crore as against Rs.10,287 crore a year ago. HDFC Life showed a growth of 5.73 per cent at Rs 11,039 crore during the six-month period ended September 2022.
LIC’s group single premium income shot up by 56.91 percent to Rs 96,878 crore from Rs. 61,741 crore, according to figures released by the Life Insurance Council. “The insurance industry today has bounced back from the issues which arose during the lockdown period. People realized the importance of managing their risks while investing their savings in appropriate insurance schemes. The boom witnessed is due to a majority of factors… we need to make sure to curate and conceptualize newer concepts and ideas to realize this dream of a fully insured India,” LIC Chairman MR Kumar said at the NIA summit on Monday.
Shares of LIC which were offered at Rs 949 per share in the IPO, have now come down to Rs 619.65 on the stock exchanges. While LIC market capitalisation is now Rs 391,928 crore, SBI Life has a market valuation of Rs 120,646 crore.
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