Private insurance companies reported 14% year-on-year (y-o-y) growth in annualised first-year premium. State-owned LIC reported 10% growth as individual and group business picked up pace in the second half of the fiscal. Private insurers gained market share because of high growth in bancassurance. For the industry, low-margin group insurance premium increased 46% in March this year with private insurers witnessing 31% y-o-y growth and LIC witnessing 50% growth. LIC continues to have a high share of single premium at 79% in March.