As the Life Insurance Corporation of India's (LIC) IPO looks to hit markets in FY22, all eyes are on life insurers. And for India's listed private life insurance companies, market share is changing fast.
The market share (based on first year premiums) of the largest private life insurance company - SBI Life Insurance Company (a joint venture between the State Bank of India and BNP Paribas Cardif) fell to 8% in August 2021 from 8.8% in January 2021. In that time, HDFC Life Insurance Company's market share improved to 6.4% from 5.8% while ICICI Prudential Life Insurance Company's market share improved to 4.6% from 0.4%. LIC of India commanded a 68% share of the life insurance market as of August up from 61.5% in January 2021.