New Delhi, Aug 12, 2024
The Life Insurance Corporation of India (LIC) saw a 19.78 per cent surge in its new business premium for the month of July to Rs 18,430.63 crore — from Rs 15,386.57 crore in the same month last year, data showed on Monday.
For the first four month of the fiscal 2025 (April-July period), LIC’s new business premium collection rose by 25.98 per cent to Rs 75,871.53 crore, up from Rs 60,223.77 crore in the same period last year.
Data further showed that LIC’s ‘Individual Premium’ segment collected Rs 5,479.57 crore in July, marking a 14.72 per cent increase from Rs 4,776.66 crore in July 2023.
The ‘Group Premium’ segment saw a 22.74 per cent rise to Rs 12,838.14 crore in July 2024, up from Rs 10,460 crore in July 2023.
In the first four months of FY25, LIC’s ‘Individual Premium’ segment generated a total of Rs 17,348.92 crore, reflecting a 14.02 per cent growth from Rs 15,215.84 crore in the same period of fiscal 2024, the data showed.
The ‘Group Premium’ segment experienced significant growth, increasing by 30.09 per cent to Rs 58,230.17 crore, compared to Rs 44,761.82 crore last year.
Moreover, ‘Group Yearly Premiums’ grew by 18.82 per cent, amounting to Rs 292.44 crore in the first four months of fiscal 2025, compared to Rs 246.12 crore in the corresponding period of fiscal 2024.
In July, the total number of policies and schemes issued by LIC slightly declined by 1.96 per cent to 16.27 lakh, down from 16.60 lakh in July 2023.
For the first four months of FY25, the total number of policies and schemes issued by LIC grew by 6.49 per cent to 51.99 lakh, compared to 48.82 lakh in the same period last year, according to the data.
The nation’s largest insurer reported a 9 per cent increase in its consolidated net profit to Rs 10,544 crore for the April-June quarter of the current financial year from Rs 9,635 crore in the same quarter last year.
Its net premium income rose 16 per cent to Rs 1.14 lakh crore in the first quarter of 2024-25 as compared to Rs 98,755 crore in the first quarter of 2023-24.
The insurance giant continues to be the market leader with an overall market share of 64.02 per cent measured in terms of First Year Premium Income as per the IRDAI estimates.(Agency)
