LIC’s new business premium for H1FY25 rises to Rs 1.15 trillion
FinTech BizNews Service
Mumbai, 12 October, 2024: Life Insurance Corporation of India (LIC), the country’s largest life insurer, recorded a 24.73% year-on-year (YoY) growth in its new business premium, reaching Rs 1,15,549.89 crore in H1FY25, up from Rs 92,642.63 crore in H1FY24, according to data from the Life Insurance Council.
For H1FY25, LIC’s Individual Premium segment collection stood at Rs 29,491.74 crore, a 17.33% increase from Rs 25,136 crore during H1FY24. The Group Premium segment saw a growth of 27.57% to Rs 84,679.12 crore from Rs 66,377.80 crore the previous year. Group Yearly Premiums also grew by 22.17% to Rs 1,379.03 crore, compared to Rs 1,128.82 crore in H1FY24.
For H1FY25, LIC issued 91.87 lakh policies and schemes, marking a 13.75% increase from 80.76 lakh in H1FY24. In the Individual category, policies and schemes grew by 13.77% to 91.70 lakh, up from 80.60 lakh in the same period last year. Group Yearly Renewable policies and schemes also increased by 3.68% to 14,216 in H1FY25 compared to 13,712 the previous year, while Group schemes and policies rose by 21.99% to 2,685 from 2,210 in H1FY24.
