Life Insurance Corporation of India (LIC) is not very disrupted by the market share that falls as a result of the number of competitors, even because the largest insurer in the country is planning to increase the share of non-participating (non-PAR) products, which offer guaranteed benefits to policyholders on the due date, according to a top official.
In the first quarter (Q1FY26) the market share of LIC in terms of premium and policy fell to 63.51 percent (64.02 percent in Q1FY25) and 63.07 percent (66.54 percent).
“Actually, when we were a monopoly, 100 percent market share was with us. Even if a player comes in, the market share of the leading existing player must come down. Now there are 25-26 competitors on the market. Some mergers and superficial,” said Doraiswamy, MD & CEO, said said Businessline, In an interaction.
“When more players come on the market, there must be a reduction in the market share. It is expected. So we are not very strongly disturbed by market share that goes down because of the increase in the number of players,” said Doraiswamy
Focus on profitable growth
The LIC chef emphasized that the focus of the company on having continuous profitable growth in his financial figures. “So we have focused on showing a growth of the absolute volume of premium and in monkey (annualized premium equivalent)
In this respect, Doraiswamy underlined that LIC will view at least a high rating of a single number or a low double digit growth in numbers. who would like to maintain it in the coming years.
It is planning to further grow the share of individual non-PAR products (including saving, protection, annuity and ULIP) in individual monkey from 30 percent from the end of June 2025 (24 percent at the end of June 2024) to 40 percent in the coming years.
“When we took a directional change in the recent past to concentrate on non-PAR products, the policy we have introduced has all been in this segment. And that helped us to grow this portfolio.
“Now that we have reached 30 percent, which is more than what we had talked about (7 percent) at the time of IPO. We are now able to concentrate on both par and non-PAR,” said Doraiswamy.
Published on August 11, 2025
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