LIC's Market Share Tumbles By 10 Percentage Points In First Half Of FY24

Life Insurance Corp. of India has lost 9.7 percentage point market share in the first six months of FY24 over last year.

Private insurers have seen growth, with SBI Life Insurance Co. reporting the highest market share of 10.3% by new business premium. It reported the biggest expansion of 310 basis points among private listed peers between April and September.

HDFC Life Insurance Co. reported a 200 basis point increase in market share over last year, while ICICI Prudential Life Insurance Co.'s market share rose 70 basis points.

In the first six months of FY24, life insurers reported a 13% decline in revenue over last year, mainly on account of a drag in LIC's revenue.

Retail weighted received premium rose 8% over last year on an overall basis.

LIC saw a 25% fall in its new business premium over last year.

Among the listed peers, SBI Life Insurance outperformed, with a 24% year-on-year growth in new business premium and 16% growth in retail weighted received premium.