According to data from the Life Insurance Council, LIC collected a new business premium of Rs 57,440.90 crore
Monday, July 08, 2024: Country's largest insurer Life Insurance Corp of India (LIC)'s new business premium for Q1 FY25 surged by 28.11% to Rs 57,440.90 crore, marking its strongest first-quarter performance since FY23. According to data from the Life Insurance Council, LIC collected a new business premium of Rs 57,440.90 crore, a 28.11% increase from the Rs 44,837.21 crore collected in the same period last year. Fiscal Years New Business Premium (Rs cr) % Change Q1 FY23 48,201.00 35.39 Q1 FY24 44,837.21 -6.98 Q1 FY25 57,440.90 28.11 Source: Life Insurance Council In June 2024, LIC's new business premium totalled Rs 28,366.87 crore, up by 13.60% from Rs 24,970.82 crore in June 2023. For the first three months of fiscal 2025, the Life Insurance sector recorded a 14.80% growth in new business premium, reaching Rs 42,433.69 crore compared to Rs 36,961.76 crore in the corresponding period of the previous fiscal year.
Breaking down the premium collections, under the Individual Premium category, LIC collected Rs 4,635.74 crore in June 2024, a 7.94% increase from Rs 4,294.62 crore in June 2023. Group Premium rose by 14.79% to Rs 23,681.44 crore in June 2024 from Rs 20,630.58 crore in June 2023. Group Yearly Premium increased by 8.90% to Rs 49.69 crore in June 2024 from Rs 45.63 crore in June 2023. For the first quarter of fiscal 2025, LIC's Individual Premium category collected a total of Rs 11,869.34 crore, showing a 13.70% increase from the Rs 10,439.18 crore collected in the same period of fiscal 2024. Group Premium saw substantial growth of 32.33%, rising to Rs 45,392.03 crore in Q1 FY25 from Rs 34,301.82 crore in Q1 FY24. Additionally, the Group Yearly Premium category surged by 86.61%, reaching Rs 179.52 crore in the months of April, May, and June of fiscal 2025 compared to Rs 96.20 crore in the corresponding months of fiscal 2024.
The total number of policies and schemes issued by LIC increased by 12.23% to 14.65 lakh in June 2024 from 13.05 lakh in June 2023. Similarly, under the Individual category, the total number of schemes and policies rose by 12.30% to 14.62 lakh in June 2024 from 13.02 lakh in June 2023. However, the number of Group Yearly Renewable policies and schemes decreased by 17.24% to 2,444 in June 2024 from 2,953 in June 2023, while the number of Group schemes and policies increased by 4.93% to 383 in June 2024 from 365 in June 2023. In Q1 FY25, the total number of policies and schemes issued by LIC increased by 10.85% to 35.72 lakh compared to 32.22 lakh in Q1 FY24. Under the Individual category, the total number of schemes and policies rose by 10.86% to 35.65 lakh in Q1 FY25 from 32.16 lakh in Q1 FY24. The growth in Group Yearly Renewable policies and schemes increased by 3.95% to 5,446 in Q1 FY25 from 5,239 in Q1 FY24, while the number of Group schemes and policies rose by 6.69% to 1,085 in Q1 FY25 from 1,017 in Q1 FY24. Last month, LIC was ranked 4th among India's most valuable brands in the Brand Finance India 100 2024 report. Additionally, LIC secured 3rd place in the Top 10 Strongest Indian Brands and 5th place in the Top 10 Indian Brands. In the insurance sector, LIC holds the top position with a value of USD 9.8 billion, supported by an 88-brand strength index score and a AAA rating. This recognition underscores LIC's extensive network of local agents and its commitment to providing reliable service, earning the trust of nearly a billion Indians.
