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On the other hand, private insurers have seen growth, with SBI Life Insurance Co. reporting the highest market share of 10.3% and the highest expansion of 310 basis points among private listed peers between April and September, based on the new business premium.
HDFC Life Insurance Co. reported a 200 basis point increase in market share over last year, while ICICI Prudential Life Insurance Co.’s market share rose 70 basis points.
In the first six months of FY24, life insurers reported a 13% decline in revenue over last year, mainly on account of a drag in LIC’s revenue.
Retail weighted received premium rose 8% over last year on an overall basis.
LIC saw a 25% fall in its new business premium over last year.
Among the listed peers, SBI Life Insurance outperformed, with a 24% year-on-year growth in new business premium and 16% growth in retail weighted received premium.
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