Amid falling market share, Life Insurance Corporation (LIC) on Thursday said more focus will be on “profitable” market share. Measured by first year premium income, LIC’s market share fell 67 basis points to 62.58% for FY23 from 63.25% for FY22, according to data provided by insurance regulator Irdai. The market share of the insurance behemoth was 66.24% during FY19. “When you say market share, my understanding is profitable market share. We will grow that,” said LIC chairman Siddhartha Mohanty, at a conference call with analysts and investors, a day after the company declared its fourth quarter results. Mohanty, however, hastened to add that LIC would not ignore the conventional way that market share is defined.
