News From Press LIC's market share drops to 59% till September from 68.7% in a year

LIC's market share drops to 59% till September from 68.7% in a year

Source: Business Standard Oct 10, 2023

The share of Life Insurance Corporation of India (LIC) in monthly new business premium (NBP) in the life insurance sector declined to 58.50 per cent in September 2023 from 68.25 per cent in September 2022 -- a drop of 975 basis points -- owing to shortcomings in the product and distribution side of business.

However, the market share saw a marginal uptick from the 57.37 per cent recorded in August this year.

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