LIC Market Share Slips to 69.21 (from 75%) per cent in FY 2015

LIC said its market share in terms of new premium income slipped to 69.21 per cent in FY 2015 from 75 per cent a year ago, as the corporation had to stop selling Ulip products and discontinue a host of other products in new regulatory regime.

However, LIC's market share in terms of number of policies improved to 77.85 per cent during the year gone-by despite a 41.55 per cent dip in the volume.

During 2014-15, LIC's market share in the first-year premium income had come down to 69.21 per cent from 75 per cent, it said.

As per the Life Insurance Council data, LIC saw a whopping 14 per cent decline in its new premium collection and a higher 41.55 per cent plunge in the number of policies to 2,01,71,063 in FY 2015 from 3,45,11,781 a year ago.

LIC mopped up Rs 78,308 crore, down from Rs 90,645 crore in FY 2014, the council data showed, while all the 23 private sector players closed 2014-15 with Rs 34,382 crore of premium, up from Rs 29,517 crore in 2013-14.

Source - TOI