Country's largest insurer LIC has registered a massive 52.7% growth in first-year premium collection in January as against 40% by its 23 private sector rivals.
Country's largest insurer LIC has registered a massive 52.7% growth in first-year premium collection in January as against 40% by its 23 private sector rivals.
The company has expressed the hope it would be able to arrest the minor fall in the overall market share in the ongoing quarter.
"Our first-year premium collection grew 52.66%, well above the growth rate of 40.13% shown by private players, and the industry's 48.09% combined growth," LIC said in a statement today.
Buoyed by this massive growth, the corporation said it is expecting to garner substantial new business in the final quarter, which is traditionally the highest business generating quarter for the life industry.
"Accordingly, the corporation has drawn an action plan for the last quarter and shall be focusing on mass activisation of its intermediaries, aggressive marketing of its products etc," said LIC, which is the largest financial institution in the country with over Rs 18 trillion in assets.
In terms of the number of policies, LIC has sees it soaring by a whopping 168.91%, while the industry which has 23 private players grew only 93.52%, as many private players saw de-growth in the new policy collections in January.
"LIC continues to be the market leader in life insurance industry. The market share of the corporation in first year premium increased to 65.50 % in January as against 58.17% in December," it added.
During the first 10 months of the fiscal, the life insurance behemoth saw its overall market share inching down to a tad to 69.6% from 70.6% a year ago.
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