Source: https://www.business-standard.com/article/companies/lic-gains-market-share-in-fy23-top-private-insurers-lost-447-bps-122111401253_1.html

Market Share Changes of Insurance Companies In India

Life Insurance Corporation (LIC) of India has gained almost 4.5 percentage points market share in the current financial year (2022-23, or FY23) in new business premium (NBP) from private players, mainly on account of robust growth in its group business segment.

Source: https://www.business-standard.com/article/companies/lic-gains-market-share-in-fy23-top-private-insurers-lost-447-bps-122111401253_1.html

Source: https://www.business-standard.com/article/companies/lic-gains-market-share-in-fy23-top-private-insurers-lost-447-bps-122111401253_1.html

At the end of 2021-22, private players had a 36.75 per cent share of the life insurance market, while LIC had 63.25 percent -, LIC improved its market share by 67.72 per cent as of October, a gain of 447 basis points (bps), while private sector insurance companies' market share dropped to 32.28 per cent. At the end of 2021-22, private players had 36.75 per cent share of the life insurance market, while LIC had 63.25 per cent. At the end of 2020-21, LIC’s market share was 66.18 per cent; private players took up 33.82 per cent of the market.

Source: https://www.business-standard.com/article/companies/lic-gains-market-share-in-fy23-top-private-insurers-lost-447-bps-122111401253_1.html

Among top private players, SBI Life shed 82 bps in market since the beginning of FY23

Source: https://www.business-standard.com/article/companies/lic-gains-market-share-in-fy23-top-private-insurers-lost-447-bps-122111401253_1.html

HDFC Life’s market share dropped 157 bps

Source: https://www.business-standard.com/article/companies/lic-gains-market-share-in-fy23-top-private-insurers-lost-447-bps-122111401253_1.html

ICICI Prudential Life’s market share dropped 64 bps during this period.

Source: https://www.business-standard.com/article/companies/lic-gains-market-share-in-fy23-top-private-insurers-lost-447-bps-122111401253_1.html

In FY23 so far, life insurers’ have reported a 34.71 per cent year-on-year (YoY) increase in premiums to Rs 2.06 trillion, with LIC’s premium witnessing 42 per cent growth and private insurers growing 21.48 per cent YoY.

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