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.