26 private sector life insurers have gained market share over LIC in all three key areas like new business premium, policies and number of policies and number of lives covered under group schemes in FY 24
Indicating higher ticket size of its average policies, LIC’s market share, in sum assured, in the industry has risen from 17 per cent FY 23 to 18.66 per cent in FY 24
Mumbai:
Indicating a higher ticket size of its average policy, life insurance behemoth Life Insurance Corporation (LIC) has seen its market share, in terms of sum assured, has gone up in Fy24.
Possibly, for the first time, the corporation’s market share in the industry has risen from 17 per cent FY 23 to 18.66 per cent in FY 24.
The total sum assured of LIC has surged by 33 per cent year on year to Rs 165,132,299 crore in FY 24.
The private sector life insures’ market share, in sum assured, has fallen to 81.34 per cent in fy24 from 83 per cent in fy23.
However, they have increased their sum assured by 19 per cent to Rs 7,197,283 crore in FY 24.
The private sector average ticket size of policies have fallen after the government withdrew tax benefits over Rs 5 lakh annual premium payment in the Budget for FY24.
However, 26 private sector life insurers have gained market share over LIC in all three key areas like new business premium, policies and number of policies and number of lives covered under group schemes.
By the end of FY 24, LIC’s market share in new business income has further fallen by 3.71 per cent to 58.87 per cent.
LIC, with a new business premium of Rs 2,22 trillion, a year on year decline of 4% , has a market share of 58.87 per cent in fy24. The private sector life insurers, with a new business premium of Rs 1,55 trillion, up 12 per cent, have grown their market share to 41.13 per cent in fy24 from 37.41 per cent in in FY 23.
Similarly, may be also for the first time the corporation market share in number of policies has fallen to 69.91 per cent in FY 24 from 71.76 per cent in FY 23 .It had sold over 2.43 crore policies slightly less than what it had sold in fy23.
However, the private sector insurers, at 87,92 lakh, have sold 9.19 per cent larger policies and have increased their market share to 30.09 per cent in Fy 24 from 28.24 per cent in FY 23.
In number of lives cover group schemes , again the corporation’s share has fallen marginally to 13.50 per cent in fy24 from 13.72 per cent in Fy23.. The share of private sector insurers have gone up to 86.50 per cent in fy 24 from 86.28 per cent in FY 23.