International Journal on Science and Technology

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FINANCIAL PERFORMANCE OF LIC VS PRIVATE LIFE INSURANCE COMPANIES- A COMPARATIVE STUDY

Author(s) Mr. PRASAD RAO M, Mr. SHIVA KUMAR N
Country India
Abstract The Indian insurance sector, overseen by the Insurance Regulatory and Development Authority (IRDA), includes both public and private companies that have been functioning effectively for many years. The Life Insurance Corporation of India (LIC) is the leading public sector entity, while private life insurers are gradually increasing their market share. This paper intends to compare the financial performance of LIC with certain private insurers to pinpoint their strengths and weaknesses. As competition grows between public and private entities, consumers often feel unsure about which sector provides better financial stability and returns. Although private insurers have demonstrated higher annual growth in recent years, LIC still holds a significant advantage in market share, trust, and long-term stability in the industry. The study examines key financial metrics like profit margins, premium income, and claim settlement ratios to deliver a thorough evaluation of both LIC and its private rivals. The main goal is to evaluate how effectively LIC and private insurers perform on essential financial parameters, aiding in the understanding of their financial health and competitive standing. Even though private players are rapidly expanding, LIC’s established market presence and strong claim settlement performance continue to reinforce its reputation. This comparative analysis seeks to provide insights into the changing dynamics of the Indian life insurance industry and inform stakeholders about the strengths and challenges faced by each segment.
Keywords Life Insurance Corporation of India (LIC); Private insurers; Financial performance; Market share; Claim settlement ratio; Premium income; Profit margins; Financial stability; Competitive standing.
Field Business Administration
Published In Volume 16, Issue 3, July-September 2025
Published On 2025-07-10
DOI https://doi.org/10.71097/IJSAT.v16.i3.6910
Short DOI https://doi.org/g9sx5m
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