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LIC consolidates its leadership position with 68.57% market share
August 10, 2022
Ltd. has consolidated its position at the top of the market share list at the expense of its smaller rivals, showed the latest business data from the Insurance Regulatory and Development Authority of India (Irdai).
LIC has improved the market share to 68.57% by July 2022 from 65.42% at the end of June. The market share for the public sector giant is also up from 65.11% reported a year ago. LIC collected a total premium of ₹29,117 crore in July 2022, more than double the ₹12,031 crore collected a year ago.
Life, the life insurance company controlled by SBI, maintained its market share above 7%, though it fell to 7.02% from 7.59% in June. SBI registered a 54% increase in total premiums, collecting ₹7,915 crore from ₹5,145 crore a year ago.
And ICICI Prudential Life Insurance also maintained its number three and four rankings in terms of market share. HDFC Life had a 6.01% market share at the end of July, up from 8.01% a year ago, while Life captured 4.02% market share, down from 5.08% a year ago.
“After registering decent growth in the last few months, the industry witnessed moderation in July ’22,” said in a report. “We expect growth to remain healthy on strong demand for annuity and non-participation policies and recovery in the protection business, while growth in ULIPs (unit-linked insurance plans) may remain moderate due to volatile markets.”
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