State-owned Life Insurance Corporation of India (LIC) has significantly regained its market share in new business premium (NBP), driven by a substantial increase in group premiums, while private insurance companies have relinquished their positions due to adverse effects of recent regulatory changes.
Data released by the Insurance Regulatory and Development Authority of India (Irdai) reveals that LIC’s market share in Q1FY25 stood at 64.02 per cent, up from 59.59 per cent in Q4FY24 and 61.42 per cent in Q1FY24. LIC’s market share had peaked to 68.25 per cent in Q3FY23, which gradually declined over subsequent quarters, with private sector insurers gaining significant market share, majorly driven by SBI Life Insurance and HDFC Life Insurance.
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