LIC chairman M R Kumar has said that the LIC’s performance should be measured by its ability to retain market share and even grow it in recent months. According to Kumar, nowhere in the world has a public life insurer retained market share like LIC even after 20 years of competition.
The first annual general meeting of the corporation, which was held virtually, saw shareholders berate the management for the pricing of the shares in the initial public offering (IPO), with some speakers complaining about how the common man has lost money.
“The way to measure the management’s efforts, to my mind, is our ability to maintain and profitably increase market share over a very long term. Even after 20 years of opening up of the industry, we continue to be the market leader,” said Kumar. He said that in January this year, the corporation’s market share (year to date) was 61%, which rose to 63% in March, and by June it rose even further to 65.4%. Currently, it is around 68%.
