Private players struggle to catch up with LIC in group business

The group life insurance business grew by 36 per cent year-on-year (Y-o-Y) in the first quarter of the current financial year, according to provisional data from the Life Insurance Council. The Life Insurance Corporation of India's (LIC) group business premium grew 40 per cent, while private players registered a growth of only 20 per cent.

Private players' market share in group business stood at 21 per cent, down from 23.4 per cent in the past financial year, which means LIC has a market share of almost 80 per cent here.

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