The country's largest insurer Life Insurance Corporation (LIC) of India has increased its market share to 62 per cent among life insurers in the first quarter of current fiscal, thereby growing by about 20 per cent, compared to same period last year.
According to IRDA figures, LIC mopped up Rs 9,028.68 crore in the first quarter of the current fiscal compared to Rs 7,524 crore during the same period last year.
The country largest insurer increases it market share to about 62 per cent from about 52 per cent during the first quarter of the last fiscal.
Overall, the life-industry grew by about one per cent in the first quarter of the current fiscal, with the life insurance companies' premium rising mildly to Rs 14,456.34 crore against Rs 14,320.21 crore during the same period last year.
However, the private life insurers registered a negative growth of about 25 per cent during the first three months of the current fiscal.
The 21 private life insurers managed to mop-up Rs 5,427.67 crore in the first quarter of the current fiscal against Rs 6795.64 crore during the same period last year.
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SBI Life, the country's largest private insurer, saw its premium decline to Rs 1,072.73 crore in the first three months against Rs 1,148.67 crore raised during first quarter of the last fiscal.
While, ICICI Prudential's premium dipped to Rs 807.07 crore against Rs 1,590.27 crore in the first three months of the last fiscal.