State-owned Life Insurance Corporation's (LIC) market share has dipped below 70% in the financial year ended 31 March 2018 (FY2018) as private insurers get more aggressive, according to the annual report of the IRDAI.
The market share of private insurers increased to 30.64% in FY2018, from 28.19% in FY2017.
LIC's total premium for the year stood at INR3.18trn as against INR1.40trn for private companies.
In the case of renewal premium, LIC had a share at 69.35% in FY2018, down from 72.31% in the previous year. LIC's income from renewal premium for FY2018 was INR1.83trn.
Further, the market share of private insurers in new business premium also saw an increase during FY2018. LIC collected INR1.83trn in new business premium in FY2018 compared to private players which together booked INR811bn.
In FY2018, India’s life insurance industry hit a record high by collecting INR4.58trn in premium, a 10% increase over the previous financial year. Life business grew by 19.2% for the 23 privately held insurers in the market while the sole government-controlled life insurer, LIC, saw growth dip by 5.90% in FY2018.