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Friday, 10 July 2020

Profit / LIC locks down, market share rises to 74.04% in first year premium during April-June

Profit / LIC locks down, market share rises to 74.04% in first year premium during April-June



In terms of policy, LIC's market share also rose to 61.68% in June


Mumbai. The lockdown caused by Corona has hit every sector and the insurance sector is no exception. However, the performance of Life Insurance Corporation of India (LIC) has improved significantly on a quarterly basis. According to the Life Insurance Council, LIC had a market share of 68.74% in the first year premium in the March quarter, up from 74.04% in the June quarter. On an annual basis, LIC's share of first year premiums in the June quarter last year was 73.36%.

LIC to Rs. 36,530 crore premium


During April to June, a total of Rs. First year premium collection was Rs 49,335.43 crore. Out of this Rs. 36,530.02 crore premium was received by LIC while other life insurers received Rs. 12,805.41 crore premium was collected. Among other companies, SBI Life Insurance has a stake of Rs. 3,058.34 crore while HDFC Life has the highest at Rs. 2,653.18 crore premium.

LIC's market share in policy also increased


According to the Life Insurance Council, in the first three months of the new financial year, between April and June, the number of policies reached 31.05 lakh, of which LIC alone has 19.15 lakh. While 23 private insurers have a total of 11.89 lakh policies.

The other cmpany's stock was down 6.27%


On the other hand, none of the remaining private companies has reached one-tenth of LIC's stake. HDFC Life has a 6.27% stake in the policy while its share in the premium is 5.38%. SBI Life holds 6.11% in the policy and 6.20% in the premium. Similarly, Max Life has a 3.94% stake in the policy, while its share in the premium has been 1.82%.

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