LIC's market share slips below 70 per cent in FY'15

MUMBAI: Country's largest life insurer LIC today said its market share in terms of new premium income slipped to 69.21 per cent in FY 2015 from 75 per cent a year ago, as the corporation had to stop selling Ulip products and discontinue a host of other products in new regulatory regime.

However, LIC's market share in terms of number of policies improved to 77.85 per cent during the year gone-by despite a 41.55 per cent dip in the volume.

During 2014-15, LIC's market share in the first-year premium income had come down to 69.21 per cent from 75 per cent, it said.

As per the Life Insurance Council data, LIC saw a whopping 14 per cent decline in its new premium collection and a higher 41.55 per cent plunge in the number of policies to 2,01,71,063 in FY 2015 from 3,45,11,781 a year ago.

LIC mopped up Rs 78,308 crore, down from Rs 90,645 crore in FY 2014, the council data showed, while all the 23 private sector players closed 2014-15 with Rs 34,382 crore of premium, up from Rs 29,517 crore in 2013-14.

Meanwhile, the LIC began a three-day national level conference of its senior divisional managers to discuss business strategies, here today.

The meeting is being attended by the heads from eight different zones as well as all operational heads in the rank of executive directors from corporate office. LIC has 113 divisions across the country.