LIC has improved the market share to 68.57% by July 2022 from 65.42% at the end of June. The market share for the public sector giant is also up from 65.11% reported a year ago. LIC collected a total premium of ₹29,117 crore in July 2022, more than double the ₹12,031 crore collected a year ago.
Life, the life insurance company controlled by SBI, maintained its market share above 7%, though it fell to 7.02% from 7.59% in June. SBI registered a 54% increase in total premiums, collecting ₹7,915 crore from ₹5,145 crore a year ago.
and ICICI rational life Insurance also maintained its number three and four rankings in terms of market share. HDFC Life had a 6.01% market share at the end of July, up from 8.01% a year ago, while Life captured 4.02% market share, down from 5.08% a year ago.
“After registering decent growth in the last few months, the industry witnessed moderation in July ’22,”
said in a report. “We expect growth to remain healthy given strong demand for annuity and non-participation policies, and improvements in the security business, while increasing growth ULIP (Unit-linked insurance plans) may remain soft due to volatile markets.”
All listed players reported weak trends in terms of individual weighted premium received (WRP), HDFC Life and . with
July 2022 saw a decline of 3.3% and 4.7%, respectively, as against the three-year compounding rate of 8.7% and 7.4%, respectively. ICICI Prudential Life posted a year-on-year decline of 5.6%, while Max Life reported the highest decline of 8.7%.