LIC reports 18.74% YoY increase in premium collections for May 2024

Life Insurance Corporation of India (LIC), the country's largest insurer, has reported a significant year-over-year increase in its premium collections. This rise underscores LIC's expanding reach and the growing trust among policyholders in its diverse insurance products.

Key Highlights:

Premium Increases in May 2024:

1. Individual Premium rose to ₹4,058.13 crore from ₹3,607.55 crore in May 2023.

2. Group Premiums increased significantly to ₹12,569.25 crore from ₹10,431.53 crore.

3. Group Yearly Premium saw a notable rise to ₹63.01 crore from ₹17.21 crore.

4. Total premium for May 2024 reached ₹16,690.39 crore, reflecting an 18.74% increase from ₹14,056.29 crore in May 2023.

Industry-Wide Growth:

1. Life insurance industry saw a year-over-year growth of 15.15% in new business premiums (NBPs) for May 2024.

2. Premium collections increased from ₹23,448 crore in May 2023 to ₹27,034 crore in May 2024.

3. Year-to-date collections rose from ₹36,043 crore to ₹47,293 crore.

4. New policy issuances grew by 12.45% year-over-year, totaling 18,68,096 new policies compared to 16,61,324 in May 2023.

LIC's FY24-25 Performance (For the first two months):

1. Individual Premium collections increased by 17.72%, reaching ₹7,233.61 crore from ₹6,144.56 crore.

2. Group Premiums surged by 58.80%, amounting to ₹21,710.59 crore compared to ₹13,671.24 crore.

3. Group Yearly Renewal Premium saw a 156.73% increase, reaching ₹129.83 crore from ₹50.57 crore in the first two months of fiscal 2024.

4. Total premium collected during this period was ₹29,074.03 crore, up from ₹19,866.39 crore.

5. 10.41% increase in individual policies issued, with 12,48,792 policies compared to 11,31,012 in May 2023.

6. Increase in group policies, contributing to overall growth in the number of policies and schemes.

LIC's notable growth reflects the company's successful strategies in expanding its market footprint and catering to the evolving insurance needs of businesses. As LIC continues to innovate and diversify its insurance solutions, it remains well-positioned to maintain its leadership in the industry and achieve sustained growth in the coming years.