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LIC''s market share down by 7.5 per cent

By Our Banking Bureau | 14 Aug 2004

1

New Delhi: Life Insurance Corporation's market share dipped by over 7.5 per cent to 82.39 per cent in the first quarter of this fiscal. Private players have increased their toehold in the industry that logged Rs 3,659 crore in premium income during the period.

According to the figures released by IRDA, LIC mopped up Rs 3,015 crore during April-June. Private players have clocked Rs 645 crore in the premium income in the same period.

LIC's market share would be higher if one includes Varishtha Pension Bima Yojana.

The scheme garnered Rs 985 crore in April-June 2004.

The PSU insurance major's market share slipped to 82.39 per cent till June 2004 from 89.91 per cent a year ago.

In terms of number of policies sold, LIC's market share was at 91.58 per cent after it brought 36.32 lakh lives under insurance cover in the first three months of this fiscal.

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