State-owned LIC is expecting to retain its existing market share at 82% during the current fiscal, a top company official said. "We hope to retain the existing market share in the current financial year at 82%," LIC Managing Director S B Mainak said. LIC’s market share increased to 82% last fiscal as against the previous year’s level of 76%, he said. He added that LIC has introduced many new products since January 2014.
"Products require time to get market acceptance", he told reporters on the sidelines of a seminar organised by BCCI here today. Asked about the growth prospects of LIC during the current fiscal, Mainak said that it depends on the country’s economic situation. "The growth in first premium income for any insurance company is largely dependent on the growth of the economy," he said.
If the GDP grew by 5.5% to 6% as predicted, then LIC’s premium growth would be in the same region. Mainak said that LIC was in discussion with IRDA for launch of new products. LIC has a net investible surplus of Rs 2 lakh crore, he said.