LIC had reported a sharp jump of 19.78 percent in its new business premium at ₹18,430.63 crore in July, from ₹15,386.57 crore in July last year. According to data released on Monday, LIC new business premiums grew by 25.98 per cent to ₹75,871.53 crore during the first four months of the current fiscal, April to July, from ₹60,223.77 crore in the same period last year.
Other details show that the 'Individual Premium' segment fetched in ₹5,479.57 crore in July, which is a 14.72 per cent increase from ₹4,776.66 crore in July 2023. The 'Group Premium', the second basket, recorded a massive rise of 22.74 per cent at ₹12,838.14 crore in July 2024 against ₹10,460 crore during the same month a year ago.
For LIC, its 'Individual Premium' segment earned ₹17,348.92 crore in the first four months of FY25, recording a jump of 14.02% from ₹15,215.84 crore in the same period of FY24. 'Group Premium' grew by a hefty 30.09% to ₹58,230.17 crore from ₹44,761.82 crore in the same period last year.
Apart from this, 'Group Yearly Premiums' rose 18.82 per cent to ₹292.44 crore in the first four months of FY25 from ₹246.12 crore during the same time period of FY24.
As far as policy issuance is concerned, LIC issued 16.27 lakh policies and schemes in July, a fall of marginal 1.96 per cent from 16.60 lakh issued in July 2023. However, during the first four months of FY25, LIC issued 51.99 lakh policies and schemes, registering a growth of 6.49 per cent over 48.82 lakh in the corresponding period last year.
LIC has posted a consolidated net profit rise of 9% to ₹10,544 crore for the April-June quarter of the current fiscal year; it was ₹9,635 crore in the same quarter a year ago. The net premium income of the insurer rose 16% to ₹1.14 lakh crore in Q1 FY25 from ₹98,755 crore in Q1 FY24.
LIC continues to be the market leader with a 64.02% market share on First Year Premium Income basis as per IRDAI estimates.
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