The Insurance giant had collected Rs15,387 crore new business premium for the month of July 2023
FinTech BizNews Service
Mumbai, August 12, 2024: Life Insurance Corporation of India (LIC), the nation's largest insurer, saw a 19.78% surge in its new business premium (NBP) for July 2024, to Rs18,430.63 crore, from Rs15,386.57 crore in July 2023.
Data from the Life Insurance Council shows that LIC's new business premium collection for the first four months of fiscal 2025 rose by 25.98% to Rs75,871.53 crore, up from Rs60,223.77 crore in the same period last year.
LIC's New Business Premium | ||
Month | April 2023 to March 2024 (FY24) | April 2024 to March 2025 (FY25) |
April | 5810.1 | 12383.64 |
May | 14056.29 | 16690.39 |
June | 24970.82 | 28366.87 |
July | 15386.57 | 18430.63 |
Total | 60223.77 | 75871.53 |
Source: Life Insurance Council | ||
Breaking down the premium collections, LIC's Individual Premium segment collected Rs5,479.57 crore in July 2024, marking a 14.72% increase from Rs4,776.66 crore in July 2023. The Group Premium segment saw a 22.74% rise to Rs12,838.14 crore in July 2024, up from Rs10,460 crore in July 2023. However, Group Yearly Premiums dropped by 24.68% to Rs112.92 crore in July 2024, compared to Rs149.92 crore in July 2023.
In the first four months of fiscal 2025, LIC's Individual Premium segment generated a total of Rs17,348.92 crore, reflecting a 14.02% growth from Rs15,215.84 crore in the same period of fiscal 2024. The Group Premium segment experienced significant growth, increasing by 30.09% to Rs58,230.17 crore, compared to Rs44,761.82 crore last year. Additionally, Group Yearly Premiums grew by 18.82%, amounting to Rs292.44 crore in the first four months of fiscal 2025, compared to Rs246.12 crore in the corresponding period of fiscal 2024.
The total number of policies and schemes issued by LIC in July 2024 slightly declined by 1.96% to 16.27 lakh, down from 16.60 lakh in July 2023. In the Individual category, the total number of policies and schemes also decreased by 1.97% to 16.24 lakh in July 2024, compared to 16.57 lakh in July 2023. On the other hand, the number of Group Yearly Renewable policies and schemes rose by 2.02% to 3,076 in July 2024, from 3,015 in July 2023, while Group schemes and policies increased by 27.20% to 505 in July 2024, up from 397 in June 2023.
For the first four months of FY25, the total number of policies and schemes issued by LIC grew by 6.49% to 51.99 lakh, compared to 48.82 lakh in the same period last year. Within the Individual category, the total number of policies and schemes increased by 6.50% to 51.89 lakh, up from 48.73 lakh in the corresponding period of FY24. Growth in Group Yearly Renewable policies and schemes rose by 3.25% to 8,522 in the first four months of FY25, from 8,254 in the same period last year, while the number of Group schemes and policies grew by 12.45% to 1,590, compared to 1,414 in the first four months of FY24.
Earlier this month, Life Insurance Corporation of India (LIC), the nation’s largest public sector insurer and the only PSU to feature in the top 100 of the Fortune Global 500 list, climbed 12 spots to claim the 95th position, as reported by Fortune Global 500. The insurance giant had previously ranked 107th in 2023.
