LIC’s new business premium for August sees 35% increase YoY to Rs 19,309 cr

Mumbai, Sep 10: Life Insurance Corporation of India (LIC), the nation's largest life insurance company saw a 35.10% surge in its new business premium for August 2024, to ₹19,309.10 crore, from ₹14,292.53 crore in August 2023.

Data reported by Life Insurance Council shows that Life Insurance Corporation’s new business premium collection for the first five months of fiscal 2025 rose by 27.73% to ₹95,180.63 crore, up from ₹74,516.31 crore in the same period last year.

Breaking down the premium collections, LIC's Individual Premium segment saw collections of ₹5,047.36 crore in August 2024, representing a 4.60% rise from ₹4,825.52 crore in August 2023.

The Group Premium segment experienced a significant increase of 46%, amounting to ₹13,559.22 crore in August 2024, compared to ₹9,287.40 crore in August 2023.

Notably, Group Yearly Premiums surged by 291.14% to ₹702.52 crore in August 2024, a substantial increase from ₹179.61 crore in the previous year.

For the first five months of fiscal year 2025, LIC's Individual Premium segment accrued ₹22,396.28 crore, marking an 11.75% growth from ₹20,041.36 crore during the same period in fiscal year 2024. The Group Premium segment also saw considerable growth, up by 32.82% to ₹71,789.38 crore, from ₹54,049.22 crore last year. Group Yearly Premiums increased by 133.71%, totalling ₹994.97 crore in the first five months of fiscal 2025, compared to ₹425.72 crore in the corresponding period of fiscal 2024.

The total number of policies and schemes issued by LIC in August 2024 experienced a slight decline of 4.45%, reaching 16.36 lakh, down from 17.12 lakh in August 2023. In the Individual category, the number of policies and schemes also fell by 4.47% to 16.33 lakh in August 2024, compared to 17.09 lakh in the previous year. However, the number of Group Yearly Renewable policies and schemes increased by 2.31% to 2,698 in August 2024, up from 2,637 in August 2023. Similarly, Group schemes and policies rose by 23.74% to 490 in August 2024, compared to 396 in August 2023.

For the first five months of FY25, LIC saw a 3.65% increase in the total number of policies and schemes issued, reaching 68.35 lakh compared to 65.95 lakh in the same period the previous year. Within the Individual category, the number of policies and schemes rose by 3.65% to 68.22 lakh, up from 65.82 lakh in FY24. Additionally, Group Yearly Renewable policies and schemes grew by 3.02% to 11,220 in the first five months of FY25, compared to 8,254 in the same period last year, while Group schemes and policies increased by 14.92% to 2,080, from 1,810 in the first five months of FY24.