LIC market share rises to 77 percent in 2010-11

August 12th, 2011 - 8:25 pm ICT by IANS  

New Delhi, Aug 12 (IANS) The market share of the government-run Life Insurance Corporation of India (LIC), in terms of number of policies in the country, rose to 76.92 percent in 2010-11 from 73.02 percent in the previous year.

When taking into consideration just the first year premium, LIC’s market share rose to 68.70 percent in 2010-11 from 64.86 percent in 2009-10, Minister of State for Finance Namo Narain Meena said Friday.

The public sector behemoth, which has government backing for all its policies, has registered growth in its market share for the second consecutive year despite increasing number of private players entering into the business.

“The market share of LIC has been increasing consistently during the last two years,” Meena said in a written reply to a question in the Lok Sabha, lower house of parliament.

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