LIC gains 2% market share in new business premium in April-June quarter

NBP, however, is below the FY21 and FY20 levels

Life Insurance Corporation (LIC) has gained over 200-basis points (bps) market share in new business premium (NBP) during the April-June quarter of FY23.

According to Insurance Regulatory and Development Authority of India (Irdai) data, at the end of the June quarter, LIC’s market share in NBP stood at 65.42 per cent, compared to 63.25 per cent at the end of FY22. 

However, its market share is still below the FY21 and FY20 levels. In FY21, LIC’s NBP market share was 66 per cent, while in FY20, it was 69 per cent. 

NBP is the premium acquired from new policies for