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LIC posted record premium collections from its 'Jeevan Akshay' plan in November this year. (Representational Image)Reuters file

Life Insurance Corporation of India (LIC), the country's largest insurer, is likely to improve its market share in the current financial year on the back of higher growth registered in the first seven months (April-October period) as compared to the same period last fiscal.

According to data released by the Insurance Regulatory and Development Authority of India (IRDA), the insurance behemoth registered a healthy 31 percent rise in its premium collections to Rs 62,735 crore during April-October period. It was at Rs 47,109 crore in the same period of last financial year.

In the market share terms, LIC has a market share of around 74 percent in the reported period.

In recent years, LIC has lost market share due to tough fight from private life insurers. The corporation had lost five percent of its market share to 70 percent in 2014-15 from 75 percent in 2013-14.

Its total premium stood at Rs 78,308 crore in FY15, showing a 14 percent dip against Rs 90,645 crore collected in FY14. However, premium collections rose 25 percent in FY16 over the same period a year ago.

Analysts are of the opinion that as last quarter (January-March) usually sees higher inflows into insurance sector, LIC is likely to surpass its growth figures this fiscal.

As far as new premium collections (premium collected from new customers) are concerned, the insurance behemoth saw a marginal dip. In October, it reported five percent decline in new premium at Rs 7,572 crore against Rs 7,947 crore collected in the same period last fiscal.

However, all private insurers put together reported a 28 percent rise in new premium at Rs 3,535 crore as against Rs 2,764 crore reported in October last year.

Indian insurance market, which has 24 players, is dominated by LIC. However, private insurers are slowly ramping up their business growth.