Private Life Insurers Reclaim Most Of The Market Share Lost To LIC By February 2023
LIC's market share by new business premium expanded from 63.3% as of March 31, 2022, to 68.3% by September 2022.
Private life insurers have reclaimed most of the market share in terms of new business premium they lost to the state-run insurance giant Life Insurance Corp. as of February.
LIC had leapfrogged in the first half of fiscal 2023. While LIC's market share in terms of new business premium expanded from 63.3% as of March 31, 2022, to 68.3% by September 2022. However, by February 2023, it fell to 63.8%, pegging the market share growth at 0.55% for the first 11 months through February 2023.
In comparison, private insurers lost around 5% of their share to LIC in the first half but regained most of it by February 2023, though they still lag behind the March 2022 levels.
As of February 2023, among the listed private life insurers:
SBI Life Insurance Co. is the only insurer that reported a marginal market share expansion year-to-date.
HDFC Life Insurance Co. is still 0.67% behind in terms of its year-to-date market share gap.
ICICI Prudential Life Insurance Co. lagged 0.37% as compared to its March end market share numbers.
Over February 2022, private insurers, including all three listed ones, lost market share, while LIC's gained 2.37%