LIC has improved market share to 68.57% until July 2022 from 65.42% at the end of June. The market share for the public sector giant is also higher than the 65.11% reported a year ago. LIC collected a total premium of ₹29,117 crore in July 2022, more than double the ₹12,031 crore it had collected a year earlier.
Life, the life insurance company controlled by (SBI), maintained its market share above 7%, though it dipped to 7.02% from 7.59% in June. SBI reported a 54% rise in total premium, collecting ₹7,915 crore, up from ₹5,145 crore a year ago.
and ICICI Prudential Life Insurance also maintained their number three and four rankings in terms of market share. HDFC Life had a 6.01% market share at the end of July, down from 8.01% a year ago, while Life cornered 4.02% of market, down from 5.08% a year ago.
“After reporting a healthy growth over the past few months, the industry witnessed a moderation in July ’22,”
said in a report. “We expect growth to remain healthy, given the strong demand for annuity and non-participatory policies and a recovery in the protection business, while the growth in ULIP (unit-linked insurance plans) may remain soft due to volatile markets.”
All listed players reported weak trends in terms of individual weighted received premium (WRP), with HDFC Life and
posting a respective decline of 3.3% and 4.7% on-year in July 2022 compared to a three-year compounded growth rate of 8.7% and 7.4%, respectively. ICICI Prudential Life posted a decline of 5.6% year-on-year while Max Life reported the highest decline of 8.7%.
