New Delhi, Nov 11 || Life Insurance Corporation of India (LIC), the country’s largest insurer, has achieved a 22.52 per cent increase in new business premiums at Rs 1,32,680.98 crore during the first seven months of FY25, compared to the corresponding figure of Rs 1,08,289.78 crore in the same period of the previous fiscal year, data showed on Monday.
In the Individual Premium category, LIC collected Rs 33,204.36 crore in the first seven months of FY25, marking a 13.58 per cent growth from Rs 29,233.73 crore over the same period in FY24. The Group Premium segment expanded by 25.79 per cent, reaching Rs 97,947.05 crore from Rs 77,864.69 crore last year. Additionally, Group Yearly Premiums rose by 28.39 per cent to Rs 1,529.57 crore, up from Rs 1,191.35 crore in the same period the previous year, according to data compiled by the life insurer.
During these seven months, LIC issued 97.60 lakh policies and schemes, a 2.76 per cent increase over the 94.98 lakh policies issued in the comparable period of FY24. Within the Individual segment, policies grew by 2.76 per cent to 97.41 lakh, up from 94.79 lakh. However, Group Yearly Renewable policies dropped by 3.08 per cent to 15,757 compared to 16,258 last year, while Group schemes and policies rose by 17.50 per cent to 3,028 from 2,577 in the first seven months of FY24.
For October 2024 alone, LIC’s new business premium rose by 9.48 per cent year-on-year to Rs 17,131.09 crore, up from Rs 15,647.14 crore in October of the previous year.