The Life Insurance Corporation of India is the largest insurer in the country. It reported an impressive 22.52 per cent growth in new business premiums to Rs 1,32,680.98 crore over the first seven months of FY25 compared with Rs 1,08,289.78 crore in the same period last year, based on data released on Monday.
In the Individual Premium, LIC had garnered Rs 33,204.36 crore during the first seven months of FY25, which is up by 13.58% as against Rs 29,233.73 crore recorded during the same period last year. The Group Premium however increased much steeper at 25.79%, to Rs 97,947.05 crore from Rs 77,864.69 crore of the previous year. Annual Premiums of Group also increased 28.39% to Rs 1,529.57 crore while this was registered at Rs 1,191.35 crore in the similar period of the previous fiscal on annual data furnished by the insurer.
For this period, the company had issued 97.60 lakh policies and schemes from which it had issued 94.98 lakh policies and schemes during the same period in FY24. The policies under Individual increased 2.76% at 97.41 lakh compared with 94.79 lakh. However, Group Yearly Renewable policies declined by 3.08% to 15,757 from 16,258 in the previous year, while Group schemes and policies increased by 17.50% to 3,028 from 2,577 in the first seven months of FY24.
The new business premium at LIC increased by 9.48% year-on-year to Rs 17,131.09 crore as against Rs 15,647.14 crore in October of the last year.
Looking at the monthly performance in October 2024, the Individual Premium segment decreased by 9.40% to stand at Rs 3,712.62 crore compared to Rs 4,097.72 crore observed last year during the month of October 2023. On the other hand, the Group Premium segment increased by 15.50% to Rs 13,267.93 crore from Rs 11,486.89 crore last year. Group Yearly Premium collections surged by 140.75%, while aggregating to Rs 150.54 crore. The previous year had witnessed Rs 62.53 crore.
The total policies and schemes issued dropped by 59.71% in October 2024 at 5.72 lakh from 14.22 lakh in October last year.
Under the Individual category, the policies and schemes saw a 59.76 per cent reduction with 5.71 lakh issued compared to 14.19 lakh. The Group Annual Renewable policies and schemes also dipped by 39.47 percent, with 1541 as against 2556 as in the previous year. In the Group Schemes and policies, there was an 8.78 per cent dip at 343 compared to 376 in October 2023.
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