Life Insurance Corporation (LIC) shares surged to their 52-week high, reaching Rs 895 apiece on the BSE during morning trading on Tuesday, January 16, 2024. The stock exhibited impressive growth, rising by over 25 percent in the past 12 months. As of the latest update, it was trading nearly 4.5 percent higher at Rs 892.55 apiece, with a substantial market capitalization of Rs 5,64,442.79 crore.
According to data cited from a report by the India Brand Equity Foundation in August 2023, based on information released by the Insurance Regulatory and Development Authority of India (IRDA), LIC has significantly enhanced its market share. As of October, LIC’s market share stood at an impressive 67.72 percent, marking a gain of 447 basis points (bps). This robust performance underscores LIC’s dominance in the life insurance sector. In contrast, private players held a 36.75 percent market share at the end of the 2021–22 fiscal year, with LIC commanding a substantial 63.25 percent share.
Investors are keenly observing LIC’s continued growth trajectory, considering its strong market presence and the recent surge in its stock value.